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Renting currently, AIP received but rent may increase?

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  • 17-03-2021 6:43pm
    #1
    iamsosmart
    Registered Users Posts: 9 ✭


    Hey all,

    Wondering if I can get some advice please.

    I rent a 3 bed detached house in Cork city with my boyfriend and another tenant, with cheaper than normal rent. My boyfriend and I have just received approval in principle for the full amount we want, and are looking to buy over the coming months.

    The other tenant has given us notice to leave. My boyfriend and I are considering splitting the total rent of €1330 between us, rather than taking another housemate in. This will lead to increased rent and bills for us, and we will need approval from the rental agency.

    Taking on this increase in rent will bring us up to the market average rent per person.

    Could this negatively affect our AIP?

    Thanks in advance.


Comments

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    #2
    antix80
    Registered Users Posts: 2,419 ✭✭✭antix80


    Approval in principle doesn't mean much.


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    #3
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    It’s about affordability. It’s a rent increase it’s not like you’ve taken on a new loan or had a reduction in salary ie something that will affect your ability to repay the mortgage. When you have the mortgage you won’t be paying rent.


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    #4
    vrusinov
    Registered Users Posts: 163 ✭✭vrusinov


    Funny enough it may be actually beneficial. It may show the bank you are able to consistently afford higher monthly repayment.


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    #5
    iamsosmart
    Registered Users Posts: 9 ✭iamsosmart


    vrusinov wrote: »
    Funny enough it may be actually beneficial. It may show the bank you are able to consistently afford higher monthly repayment.

    That crossed my mind too actually, thanks!


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