A
24-year-old PhD student in England has found a creative solution to the student housing crisis by purchasing her own home. Charlotte Sprason, a biochemistry student at Lancaster University, used a unique mortgage program called "Buy for Uni" to secure a three-bedroom house worth $161,000.

    Sprason was fed up with paying $966 a month for university housing and decided to take matters into her own hands. She had saved $31,000 in a Lifetime ISA and received a $6,000 gift from her grandmother, which she used as a deposit. With the help of her mother as guarantor, she secured an interest-only loan of $124,000.

    By owning her home, Sprason is now saving $114 per month on bills compared to renting. She's also renting out a spare room for $678 a month, making her 15% financially better off than if she were sharing rented accommodation. "Everything I put in that's of my own money is paying into an investment," she said.

    The deal wasn't easy to secure, as Sprason's PhD stipend didn't qualify her for a typical mortgage. However, her lender considered her situation and offered her the loan with her mother as guarantor. Now, Sprason plans to overpay on her mortgage whenever possible and refinance or sell when she completes her PhD program.

    With her new home, Sprason has gained financial freedom and security while continuing her studies. "I didn't realize initially how much of a difference it would make to my life," she said. Gone are the days of cramped dorms and moldy conditions – now she has space to store all her belongings and enjoy the personalization of owning her own property.