Product Switch
Shortly before either your Fixed Rental Rate or Discounted Variable Rental Rate period comes to an end, we will contact you with details of what new rental rate options are available to you.
Product Switch
Shortly before either your Fixed Rental Rate or Discounted Variable Rental Rate period comes to an end, we will contact you with details of what new rental rate options are available to you.
We will tell you what your new monthly payments could be, together with instructions on what you need to do to switch to the new rental rate you choose.
There are four main stages to the product switch process:
- Stage 1. Confirm your selection. You do this by selecting your new rental rate product type in the product switch selection form which we will send you.
- Stage 2. Offer letter issued. Upon receipt of your completed product switch selection form, we will issue you a product switch offer pack, which will give details on how to pay the Product Switch Administration fee.
- Stage 3. Customer acceptance. If you are happy with the new details, you will need to sign and return the acceptance form and pay the administration fee. All instructions will be contained within the offer letter pack.
- Stage 4. Completion. Once we receive the signed copy of the offer letter and the administration fee, we will amend the rental rate.
IMPORTANT: If you do nothing, your rental rate will revert to the Al Rayan Bank Variable Rate option, which maybe higher than the new rental rates offered to you.
Frequently asked questions
We answer some frequently asked questions about home finance.