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Switching Your Home Finance Product

If your current rental rate is coming to an end, or you're already on our Standard Variable Rental Rate, this page explains how to switch to a new rental rate.

Why switch

Switching your home finance product means you can move to a new rental rate that may better suit your needs. You could benefit from:

  • A competitive Fixed Rental Rate, giving you certainty over your monthly payments
  • A Discounted Variable Rental Rate, which may change in line with the market
  • A quick, hassle-free process

Am I eligible?

A product switch is available to existing AlRayan Bank customers with a Home Purchase Plan (HPP) or Buy to Let Purchase Plan (BTLPP). You may be eligible if you:

  • Are within 90 days of your current rental rate ending, or are already on our Standard Variable Rental Rate, and
  • Are up to date with your monthly payments

If you're unsure whether you're eligible, please contact us.

What to expect

If you're on a Fixed or Discounted rental rate, we'll contact you before your current rental rate ends and provide:

  • Details of your available renal rate options
  • An illustration of your updated monthly payment
  • Information on how to select your new rental rate

If you're on the Standard Variable Rental Rate, you can contact us at any time to discuss available renal rates by emailing productswitch@alrayanbank.co.uk.

Your rental rate options

Fixed Rental Rate – your rental rate stays the same for an agreed period, giving you predictable monthly payments.

Discounted Variable Rental Rate - discounted against our Standard Variable Rental Rate, offering more flexibility if your circumstances may change.

Standard Variable Rental Rate - if you don't switch to a new product, you'll automatically move to this rental rate at the end of your current term.

Please note: if your switch starts on or after 1 October 2025, an Early Settlement Premium may apply. See our Early Settlement Premium page for full details.

What happens next?

  1. We send your offer pack 

We aim to email your product switch offer within 10 working days of receiving your rate selection If you don't receive it, please contact us straight away.

  1. You review and sign 

Please review the offer carefully and return the signed acceptance form via e-mail or by post. 

  1. Payment of fee 

Once we've received your acceptance form and the applicable fee, your new rental rate will be confirmed and applied from the agreed start date.

How long will it take?

We aim to respond to all queries within 3 working days.

Need help?

If you require further information or support, contact us:

Web form

For answers to the most common questions about product switching, visit our Existing HPP Customer FAQs page.

Helpful links

Frequently asked questions

We answer some frequently asked questions about home finance.