Consent to Let

Consent to Let is permission from your home finance provider to temporarily rent out your home. Consent to let allows you to rent out your home without re financing from a Home Purchase Plan (HPP) to a Buy to Let Purchase Plan (BTLPP).

Is Consent to Let the same as a Buy to Let Purchase Plan?

Consent to Let is not the same as a Buy to Let Purchase Plan (BTLPP). Consent to Let is the Bank agreeing to short term temporary letting of your home, while a BTLPP is long term property financing for landlords.

If you plan on renting out your property and do not intend to return to live their yourself in the foreseeable future, you need to apply for a BTLPP.

View our range of BTLPPs

When to consider Consent to Let?

Consent to Let is a short-term agreement, usually granted for six to twenty-four months, which allows homeowners to temporarily rent out their home without refinancing. It is not a long-term solution for prospective landlords.

Consent to Let can be useful for homeowners when their circumstances change. For example if a homeowner needed to temporarily move for work purposes.

Does Al Rayan Bank offer consent to let?

Al Rayan Bank will grant Consent to Let to eligible customers, who have had an existing HPP with the Bank for at least 12 months before applying for Consent to Let.

Applications for Consent to Let are assessed individually, and customers should contact us to discuss their eligibility.

What happens when my Consent to Let ends?

We will contact you before your Consent to Let ends to discuss how you would like to go forward.

Buy to Let Finance calculator – how much will the bank contribute?

Please use the calculator provided to consider your options, or go to our secure online system which allows you to proceed to an online application form.

Gross monthly rent

Property value

Product Type:

UK residents

Buy to Let Finance calculator - how much will my payments be?

Please use the calculator provided to consider your options, or go to our secure online system which allows you to proceed to an online application form.

Finance Amount:

Product Type:

UK residents

Finance Period (years):

Frequently asked questions

We answer some frequently asked questions about buy to let property finance.

Buy To Let Purchase Plans operate completely without interest, or riba, and that is the fundamental difference.

When a person purchases a property with a conventional mortgage, a Bank lends them the money and then charges interest on that loan. Al Rayan Bank HPPs and BTLPPs are different; we purchase the property in partnership with our customers with each party owning a share. The customer then buys our stake in the property over time, paying rent on the portion that they do not yet own. At the end of the agreement, the customer owns the property outright- without ever paying interest.

You cannot switch your product whilst a fixed or discounted rental rate applies. Prior to the expiry of your existing fixed or discounted rental rate, we'll write to you advising you of the options available to you. Once your existing product expires, we'll switch your product for you as per your selected option. There is a £199 administration fee for switching.

If you are already on a life tracker product such as the Al Rayan Bank Variable Rental Rate, you can switch at any time subject to the payment of the administration fee. For any other type of product switch, please contact us. Visit our contact us page for our up to date contact details.

Limited Company Buy To Let Purchase Plans provides UK based landlords with an opportunity to purchase investment properties in a more tax efficient way.

If you own a property as an individual, then the money you earn from rent is taxed as income tax, together with your other earnings. But, if you choose to invest in property using a Limited Company, the profit you make will be liable to Corporation Tax instead, which is currently 20% for profits totalling £300,000 or less.

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