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Barley Hill No.1 PLC: 12 April 2019

A stand-alone issue, where the issuer will make payments on the notes from payments of principal and interest received from a portfolio comprising of mortgage loans originated by The Mortgage Lender to borrowers secured on properties in England, Wales and Scotland, and acquired by the issuer from the Beneficial Title Holder.

The Mortgage Lender is a specialist mortgage lender focused on originating and servicing mortgage loans in the UK in both the owner-occupied and BTL sectors.

At the cut-off date (28 February 2019) the portfolio consisted of 1,139 fully amortizing loans, where the average loan balance is £182,109 and the largest is for £922,728. All loans were advanced to owner-occupiers. Employment status: Self-employed – 52.19%, employed – 47.38%, pensioner – 0.43%. Loan purpose (by current balances): purchase – 66.67%, debt consolidation – 21.17%, re-mortgage – 12.16%. Interest rate type: Fixed to Floating – 84.28%, floating – 15.72%. The current WA LTV is 68.02% (original WA LTV was 70.01%) and WA seasoning is 12 mnths. Regional concentration (by current balances): South East – 22.85%, Scotland – 14.05%, East Anglia – 13.25% and the North West – 9.56%.

EU Risk Retention: The Beneficial Title Seller (UK Mortgages Corporate Funding DAC) will retain at all times until redemption of the last of the notes a material net economic interest of not less than 5% in the nominal value of the securitisation. At the close, such interest will be comprised of an interest in the first loss tranche in the Class Z VFN.

US Risk Retention: The Beneficial Title Seller does not intend to retain at least 5% of the credit risk, but rather intends to rely on an exemption provided for in Section 20 of the US Risk retention Rules regarding non-US transactions.

Compare/contrast: Malt Hill No.1 & No.2, Castell Finance 2018-1