Charlotte managed to find a building society that was happy to give her a mortgage - and pays less than she would in rent
A student says she is saving money by buying a three-bedroom home instead of living in university housing. Charlotte Sprason 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 ’s halls of residence.
And thanks to taking on a lodger, who pays her £550 a month, Charlotte 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. “Plus, now I’ve been able to fulfil a second bucket list item and got two cats.”
While Charlotte admits that had she lived alone, it would have ultimately been more expensive to take on a mortgage – she was able to offset the cost by taking on a lodger. She said: “Plus, by having a lodger, I am now 15% financially better off compared to sharing rented accommodation - and not only that, but obviously the larger income is paying the mortgage interest.
And now she’s even ahead of her peers. She said: “I am excited about the prospect of future financial security. Like most, I dream of the day that hard work and long hours is not a thing of survival but a choice made for passion. Owning property has a been a key step towards this for many people who came before.”
“When I finish my studies in four years, I can either stay in the house and transfer to another mortgage free of charge, or I can sell it.” Charlotte’s mum said she is confident of her daughter’s ability to take on home ownership while she is still a student.
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