I bought a $161k 3-BR home instead of living in an expensive one-bedroom

A 24-year-old PhD student in England has figured out how to beat the student housing crisis by buying a house.

Charlotte Spras, a biochemistry student at Lancaster University, traded rough sleep for a three-bedroom house, all thanks to a unique opportunity for students to die.

Sprason was tired of forking out $966 a month for university housing. So, she took matters into her own hands and used the buy-to-uni mortgage program to snag a $161,000 home just north of Lancaster.

Her $37,000 deposit came from years of disciplined saving in a Lifetime ISA and a $6,000 gift from her grandmother.

Now, instead of spending money on rent, Sprason’s monthly bills are $114 cheaper — and she’s getting even more cash by renting a spare room for $678 a month.

“Having a lodge, I am now 15 percent better off compared to sharing rented accommodation,” she told Jam Press. “Everything I put into that of my money is paying off in an investment.”

The deal was not easy to pull off.

With an annual doctoral stipend of $22,817 in lieu of a full-time salary, Spras didn’t qualify for a typical mortgage.

But her lender, with her mother as guarantor, considered her scholarship and offered her an interest-only loan of $124,000.

“That was my option unless I had a partner with a full-time job—there was no chance,” she said.

Now she pays when possible and plans to refinance or sell when her PhD program is complete. Sprason says owning her home is a handmaiden to the game.

“I didn’t realize at first how much of a difference it would make in my life,” she shared.

Gone are the days of moldy black dorm windows, thin walls and moth infestations.

“I’ve gone from living out of a room and storing half my stuff to having everything I’ve ever owned in one building.”

Her mother, Tracey, supported her decision and believes her daughter has what it takes to balance home ownership with student life.

“Charlotte is both methodical and determined,” she said. “Her scholarship is guaranteed until she finishes her PhD, so we’re happy she can pay her mortgage and bills every month.”

Now, with two cats and a home to call her own, the Spras say she’s financially ahead of her peers.

“I am excited about the prospect of future financial security,” she said. “Owning wealth has been a major step towards that for many people who came before.”