I bought a £130,000 three-bedroom home instead of living in pricey university halls - and I am better off
I bought a £130,000 three-bedroom home instead of living in pricey university halls - and I am better off
Share:
A PhD student has claimed she is saving money by buying a three-bedroom house instead of living in pricey university accommodation. Charlotte Sprason, 24, used a 'Buy for Uni' mortgage scheme to get on the property ladder, after previously paying £786 on rent and bills per month at Lancaster University.
![[Charlotte, who is undertaking a PhD in biochemistry, previously paid £786 on rent and bills per month at Lancaster University]](https://i.dailymail.co.uk/1s/2025/01/27/10/94553857-14329241-image-a-2_1737975276412.jpg)
Now, her mortgage and bills come in £93 cheaper per month on her interest-free mortgage. Charlotte, who is undertaking a PhD in biochemistry, is the proud owner of a three-bedroom house to the north of Lancaster at a time in life when most people would consider getting a foot on the property ladder impossible.
![[Her home to the north of Lancaster cost £130,000 and was purchased with a £30,000 deposit]](https://i.dailymail.co.uk/1s/2025/01/27/10/94553855-14329241-image-a-3_1737975280747.jpg)
Her home, which cost £130,000, was purchased with a £30,000 deposit. This money was obtained after Charlotte put her savings into a Lifetime ISA from the age of 18, which had grown to £25,000, as well as an additional £5,000 she was gifted from her grandmother.
![[Charlotte has been able to offset the cost by taking on a lodger and is now '15 per cent financially better off']](https://i.dailymail.co.uk/1s/2025/01/27/10/94553841-14329241-image-a-4_1737975289199.jpg)
And thanks to taking on a lodger, who pays her £550 a month, Charlotte said she is £643 'better off'. 'I've got a lovely house north of Lancaster, which isn't just cheaper than renting but also an investment that I hope will go up in value,' she said.
![[Charlotte explained that her mortgage was unique because the assessment of her eligibility included her £18,622 annual stipend.]](https://i.dailymail.co.uk/1s/2025/01/27/10/94553833-14329241-image-a-6_1737975299593.jpg)
Charlotte Sprason, 24, used a 'Buy for Uni' mortgage scheme to get on the property ladder. 'Plus, now I've been able to fulfil a second bucket list item and got two cats.'. Charlotte explained that her mortgage was unique because the assessment of her eligibility included her £18,622 annual stipend.
![[Buying a house is a 'bucket list item' that Charlotte has been able to tick off at the age of 24]](https://i.dailymail.co.uk/1s/2025/01/27/11/94553839-14329241-Buying_a_house_is_a_bucket_list_item_that_Charlotte_has_been_abl-a-25_1737978466156.jpg)
