Avon Finance No.3 PLC: 28 August 2023

Essentially, a re-financing of Avon Finance No.1.

A stand-alone issue, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising owner-occupied and buy-to-let loans which, other than the Shortfall Loans, are secured over residential properties located in England, Wales, Scotland and Northern Ireland, the equitable and beneficial interest in which will be sold to the Issuer by Isle of Wight Home Loans Limited on the Closing Date.

The Loans comprising the Portfolio were originally purchased by the Seller from Warwick Finance Residential Mortgages Number Two PLC on 19 June 2020 and on-sold by the Seller to the Avon Finance No. 1 PLC on 4 August 2020.

At the cut-off date, the provisional pool comprises of 6,003 accounts (6,118 sub-accounts) where the average current account balance is £101,558 (sub-account = £99,647) and the largest current account is £644,077. Occupancy type (by current balances): owner-occupied – 73.98%, BTL – 26.02%. Repayment type: interest only – 84.90%, repayment – 15.10%. Loans in Arrears >= 3 month (% of Current Balance) – 5.92%. Restructuring Arrangement: Yes – 51.42%, No – 48.58%. The WA current LTV is 73.60% (indexed = 47.95%) and the WA original LTV was 78.47%. The WA seasoning is 16.47 years. Regional concentration (by current balances): South East – 26.42%, London – 16.40%, North West – 11.23% and the West Midlands – 10.03%.

UK & EU Risk Retention: Barclays Bank PLC (the Retention Holder) will retain, as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation (as required for the purposes of Article 5(1)(d) of the EU Securitisation Regulation not taking into account any relevant national measures, as if it were applicable to it).

US Risk Retention: The Retention Holder intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining directly an eligible vertical interest (EVI) equal to a minimum of 5% of the nominal value of each Class of Notes and the Certificates issued by the Issuer on the Closing Date.

STS: The Notes are not intended to be designated as STS for the purposes of the Securitisation Regulation.

Compare/contrast: Avon Finance No.1