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Jupiter Mortgage No.1 (2024-Refin): 21 January 2024

This is a re-financing of the original Jupiter Mortgage No.1 transaction, which closed in March 2021.

A stand-alone issue where the Issuer will make payments on the Notes, the Certificates and the VRR Loan Note from payments of principal and revenue received from a portfolio comprising mortgage loans, the equitable or beneficial interest in which will be sold by the Seller, which were purchased by the Seller from Citibank NA London Branch and secured over predominantly residential properties located in England, Wales, Scotland and Northern Ireland. The Portfolio was acquired by the Sponsor from NRAM Limited and Bradford and Bingley plc.

As at 31 October 2023, the Provisional Portfolio consists of 18,958 Sub-Accounts (35,422 main accounts) and is secured over properties located in England, Wales, Scotland or Northern Ireland. Full property valuation: 52.08%.

The average account balance is £105,485 and the largest is for £5.402mln. Occupancy Status at Origination (by current balances): BTL – 55.72%, owner-occupied – 44.28%. Repayment Type (by current balances): Interest Only – 92.18%, repayment – 5.82%, P&P – 2.01%. Interest Rate Type: Variable for life – 99.21%. Months in Arrears: 3+ months in Arrears – 12.28%. The WA current indexed LTV is 54.89% (original LTV was 76.82%) and the WA seasoning is 16.93 years. Regional concentration: Greater London – 21.96%, North West – 13.54%, South East – 11.11% and Eastern England – 7.62%.

EU & UK Retention: Citibank NA London Branch (the Retention Holder) will, as an originator, retain a material net economic interest of not less than 5% in the securitisation in accordance with (i) Article 6 of Regulation (EU) 2017/2402 and (ii) Article 6 of Regulation (EU) 2017/2402 as it forms part of domestic law of the United Kingdom. As at the Closing Date, the retention will comprise of the Retention Holder holding no less than 5% of the nominal value of each tranche sold or transferred to investors on the Closing Date and the Retention Holder holding the VRR Loan Note.

US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act. The Retention Holder intends to satisfy its obligations by acquiring and retaining (directly or through a majority-owned affiliate) on the Closing Date a “single vertical security”, that is an “eligible vertical interest”, in the Issuer in the form of the VRR Loan Note.

Compare/contrast: Jupiter Mortgage No.1 plc