Charlotte Sprason, a 24-year-old PhD student, solved her housing dilemma by purchasing a $161,000 three-bedroom house through the "Buy for Uni" mortgage plan. Tired of the exorbitant $966 monthly rent for university accommodation, she utilized savings from a Lifetime ISA and a gift from her grandmother for the deposit. Now, her overall monthly expenses are lower, and by renting a room, she enhances her financial situation. Although securing this mortgage was challenging due to her stipend, the investment has notably improved her living conditions and financial health.
By having a lodger, I am now 15 percent financially better off compared to sharing rented accommodation. Everything I put in that's of my own money is paying into an investment.
This was my only option unless I had a partner with a full-time job - there was no chance.
I didn't realize initially how much of a difference it would make to my life.
Gone are the days of black mold-covered dorm windows, thin walls and moth infestations.
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