A student says she saved up her student loan and used it to…buy a £180,000 house
And here I was spunking the whole thing on orange VKs
A student claims to have bought a £180,000 house by using her student loan to pay for the deposit.
Coventry second year Sujaana Jeyaratanam says she stayed at home and saved her student loan to afford the down payment on the semi-detached three-bed.
The maximum maintenance loan for a student living at home is £7,987 a year a year. A standard minimum deposit for a house is five per cent – or £9,000 for a £180,000 purchase.
“I stayed at home and saved up the maintenance money I got,” biomedical science student Sujaana told CoventryLive, adding that she got no help from her parents before putting the deposit down in August.
“If you save up two years of your maintenance money, you would have enough for a whole house deposit.”
Sujaana, 21, also works as a tutor part time and sells skincare on Etsy, but says students can manage a deposit with just the maintenance loan.
“You can buy a house with just maintenance money and you don’t have to work full-time,” Sujaana said, advising students to sign up to discount sites like UniDays and Student Beans to realise their bricks-and-mortar dreams.
“University students think it’s impossible to buy your home.
“But this is the time in your life where it is possible to gain income and buy a home early.”