Elvet Mortgages 2023-1: 09 November 2023

A standalone transaction and the fifth public issuance from originator Atom Bank, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security sold to the Issuer on the closing date. The Issuer confirms that the assets backing the issue of the Notes and the Notes themselves are not part of a re-securitisation.

As at the Portfolio Reference Date (31 August 2023) the Provisional Portfolio was comprised of 2,478 loans originated by the Seller and secured over properties located in England, Wales and Scotland. The average current balance is £197,767 and the largest is for £994,537. Occupancy type: owner-occupied – 100.0%. Amortisation type (by current balances): Repayment – 100.0%. Interest Rate type: Fixed rate mortgages reverting to SVR – 100.00%. Additional information: a full property valuation accounts for 59.98% of current balances; Self-employed borrowers account for 5.40%; First time buyers account for 48.41%. The WA current LTV is 79.53% (original LTV was 80.81%) and the WA seasoning is 8.88 months. Regional concentration: London – 16.40%, Scotland – 15.62%, South East – 15.14% and Yorks & Humber – 7.76%.

Significant Investor: Atom Bank will, on the Closing Date, purchase all of the Class B Notes, the Class C Notes, the Class D Notes, the Class E Notes, the Class Z Notes and all of the Class VRR Notes.

UK & EU Risk Retention: On the Closing Date Atom Bank, as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, will undertake that for so long as any Notes remain outstanding it will retain a material net economic interest of not less than 5% in the nominal value of the securitisation.

US Risk Retention: Atom Bank intends to satisfy the US Risk Retention Rules by retaining 100% of the Class VRR Notes, which constitute an eligible vertical interest in the form of a "single vertical security" in the required amount of not less than 5% of the aggregate of the Notes.

STS (UK): It is intended that the transaction qualifies as a STS securitisation within the meaning of Article 18 of Regulation (EU) 2017/2402 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and a notification will be submitted by Atom Bank prior to the Closing Date to the Financial Conduct Authority.

Compare/contrast: Elvet 2021-1, Albion No 5 plc, Avon Finance No.3 plc