Avon Finance No.4 PLC: 24 September 2023

Essentially, a re-financing of Avon Finance No.2.

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 will be sold by Avon Finance No. 2 PLC to the Seller on the Closing Date. The Avon 2 SPV previously purchased the Loans from Avon Seller Limited on 18 September 2020. The Loans were originally acquired by Citibank, N.A., London Branch on 15 September 2020 from Warwick Finance Residential Mortgages Number One PLC and then on-sold to Avon Seller Limited.

At the cut-off date (31 July 2023) the provisional pool comprises of 5,649 accounts (5,803 sub-accounts), where the average current account balance is £100,284 (sub-account = £97,623) and the largest current account is £652,517. Occupancy type (by current balances): owner-occupied – 76.60%, BTL – 23.40%. Repayment type: interest only – 84.35%, repayment – 15.65%. Loans in Arrears >= 3 month (% of Current Balance) – 6.92%. Restructuring Arrangement: Yes – 55.65%, No – 44.35%. The WA indexed LTV is 50.21% and the WA original LTV was 82.04%. The WA seasoning is 16.84 years. Regional concentration (by current balances): South East – 26.32%, London – 15.16%, North West – 11.07% and the West Midlands – 9.20%.

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.2, Warwick Finance Residential Mortgages No.1(redeemed)