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Oat Hill No.2: 30 August 2020

A stand-alone transaction, 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 Originator to borrowers secured on properties in England, Wales and Northern Ireland to be acquired by the Issuer on the Closing Date.

The Provisional Mortgage Portfolio was drawn up as at the Provisional Cut-Off Date (31 May 2020) and comprised 4111 variable rate Mortgage Loan Accounts. The Provisional Mortgage Portfolio consists of Mortgage Loans originated by the Originator or Irish Permanent plc, legally owned by the Legal Title Holder. Beneficial ownership in the Mortgage Loans was, immediately prior to their sale to the Beneficial Title Seller, held by Oat Hill No. 1 plc. On or before the Closing Date, the Beneficial Title Seller will purchase the beneficial title to the Mortgage Loans from Oat Hill No.1 plc before immediately on-selling such beneficial title to the Issuer.

The portfolio comprises of 3,809 properties, and 2,478 sets of borrowers. The average loan balance is £118,078 and the largest is for £978,141. Borrower type (by current balances): individual – 82.39%, company – 17.61%. Occupancy Type: BTL – 93.57%, owner occupied – 6.43%. Repayment type: interest only – 98.55%, repayment – 1.11%, P&P – 0.34%. The WA indexed LTV is 64.81% (original LTV was 82.37%) and the WA seasoning is 13.38 years. Regional distribution: Greater London – 21.49%, South East – 18.22%, North West – 15.37% and Yorks & Humber – 10.03%.

EU Risk Retention: On the Closing Date, the Beneficial Title Seller will retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation as required by Article 6(1) of Regulation (EU) 2017/2402. As at the Closing Date such interest will comprise retention of the first loss tranche, in this case being the Class Z VFN in accordance with Article 6(3)(d) of the Securitisation Regulation.

US Risk Retention: The Beneficial Title Seller, (UK Mortgages Corporate Funding) as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the securitised assets for purposes of the U.S. Risk Retention Rules, 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.

STS: As at the Closing Date no notification will be submitted to ESMA, in accordance with Article 27 of the Securitisation Regulation, confirming that the requirements of Article 18 and Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: Oat Hill No.1 (Redeemed), Twin Bridges 2020-1