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Oat Hill No.1: 01 July 2017


A standalone issuance, where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising mortgage loans originated by the relevant Originator and the Legal Title Holder to borrowers secured on properties in England, Wales and Northern Ireland, to be acquired by the Issuer from the Beneficial Title Seller on the closing date.

The Mortgage Loans originated by CHL included in the Provisional Mortgage Portfolio were all made no earlier than September 1989 and no later than mid-2008 (with some Mortgage Loans having been subject to porting on or before April 2016). CHL derived its mortgage lending business at the relevant times primarily from intermediaries that included mortgage brokers and independent financial advisors. Some £335,816 of the Mortgage Loans in the Provisional Mortgage Portfolio were originated by Irish Permanent plc.

As at the Provisional Cut-Off Date, the Provisional Mortgage Portfolio consisted of 4,875 loans, where the average loan balance is £120,519 and the maximum was for £1.415mln. Repayment Method (by current balances): interest only 97.54%, repayment 1.43%, P&P 1.03%. Borrower Type: individual 83.39%, company 16.61%. Occupancy Type: BTL 93.30%, owner-occupied 6.70%.

The WA OLTV was 82.10% and the WA indexed CLTV is 69.65%. WA seasoning is 10.15 years. Regional concentration: Greater London 22.89%, South East 17.53%, North West 16.40% and Yorkshire & Humberside 9.95%.

CRR 405: The Beneficial Title Seller (UK Mortgages Corporate Funding) will undertake that it will retain at all times, until the redemption of the last of the Notes, a material net economic interest of not less than 5% of the nominal value of the securitised exposures. As at the Closing Date, such interest will be comprised of an interest in the first loss tranche in the Class Z VFN.

The Beneficial Title Seller, as the sponsor under the U.S. Risk Retention Rules, does not intend to retain a minimum of 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, as amended, but rather intends to rely on an exemption provided for in Section 20 of the U.S. Risk Retention Rules regarding non-U.S. transactions.

Compare/contrast: Malt Hill No. 1 Plc, Harben Finance 2017-1, Precise Mortgage Funding 2017-1B