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TPMF 2023 - Vantage 3: 24 November 2023

A stand-alone issuance, where the Issuer will make payments on the Notes and Certificates from, inter alia, payments of principal and revenue on a portfolio comprising mortgage loans secured over residential properties located in England, Wales, Scotland and Northern Ireland. The loans were previously in the TPMF 2019 - Vantage 2 transaction.

At the Provisional Mortgage Portfolio date (31 August 2023) the portfolio comprised of 4,470 Mortgage Loan Accounts (4,449 sets of borrowers) with an aggregate Current Balance of £442.500mln, where the average total loan size is £98,993 and the largest is for £744,996. Customer type: owner-occupier - 98.15%, BTL - 1.85%. Loan Purpose: re-mortgage - 70.71%, purchase - 29.23%, equity release - 0.05%. Repayment type: interest-only - 66.74%, repayment - 20.98% and P&P - 12.28%. Arrears : 3+ Months in Arrears, 1,433 loans / 36.00% of current balances. The WA indexed LTV is 51.38% (original LTV was 81.79%) and the WA seasoning is 203 months. Regional concentration: South East - 18.61%, Greater London - 14.10%, North West - 12.60% and West Midlands - 9.38%.

UK & EU Risk Retention: On the Closing Date, Cerberus European Residential Holdings II SARL (the Retention Holder) in its capacity as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation will retain (either directly or through a wholly-owned entity or entities) on an ongoing basis a material net economic interest of at least 5% in the securitisation.

US Risk Retention: It is not intended to involve the retention by a sponsor, as defined under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, of at least 5% of the credit risk of the securitised assets for purposes of compliance with the US Risk Retention Rules, but rather it is intended to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: No notification will be submitted.

Compare/contrast: Towd Point Mortgage Funding 2019-Vantage 2 (redeemed), Elvet Mortgages 2023-1, Merrion Square Residential 2023-1