Oat Hill No.3: 01 September 2023

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 2023) and comprises of 2,923 properties, advanced to 1,913 sets of borrowers. Overall, there are 3,156 variable-rate mortgage loan accounts. The average loan balance is £118,271 and the largest is for £969,874. Borrower type (by current balances): individual – 81.33%, company – 18.67%. Occupancy Type: BTL – 93.90%, owner occupied – 6.10%. Repayment type: interest only – 99.17%, repayment – 0.83%, P&P – 0.18%. The WA indexed current LTV is 54.40% (original LTV was 82.31%) and the WA seasoning is 16.36 years. Regional distribution: Greater London – 21.81%, South East – 18.49%, North West – 15.02% and Yorks & Humber – 10.52%.

UK & 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: (a) Article 6(1) of Regulation (EU) 2017/2402, as amended, varied or substituted from time to time including the EU Securitisation Rules applicable from time to time; and (b) Article 6 of Regulation (EU) 2017/2402 as it forms part of domestic law of the United Kingdom by virtue of the EUWA.

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 US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The Debt is not intended to be designated as a UK STS securitisation or an EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Oat Hill No.2 (redeemed), Avon Finance No.3 plc, CMF 2023-1 plc