Albion No 6 Plc: 01 June 2024

This will be the seventh RMBS issue from Leeds Building Society and will be the sixth to use the Albion name. For history of Leeds Building Society, please see market commentary on earlier Albion transactions.

The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising 4,429 mortgage loans originated by Leeds Building Society and secured over residential properties located in England and Wales, purchased by the Seller between 2005 and 2023.

At cut-off all loans are current, the average current balance is £140,084 and the largest loan is for £972,021. Purpose of loan (by current balances): re-mortgage - 51.8%, purchase - 48.2%. Repayment type: repayment - 87.0%, interest-only - 13.0%. Product type: fixed - 93.5%, variable - 6.5%. The WA current LTV is 58.0% and there are only 14 loans with an indexed LTV of greater than 85% in the pool. WA seasoning is 28.1mnths. Regional concentration (by current balances): South East -15.1%, the North West - 13.4%, Yorks & Humberside - 11.7%, the South West - 11.3% and the East of England - 11.2%.

UK & EU Risk Retention: LBS will undertake that it will retain on an ongoing basis a material net economic interest of at least 5% of the nominal value of the securitised exposures. Such interest will comprise of an interest in the first loss tranche, in this case represented by LBS holding the Class Z VFN.

US Risk Retention: LBS, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the Notes for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: On or about the Closing Date, it is intended that a notification will be submitted to the FCA by LBS, as originator, in accordance with Article 27 of the UK Securitisation Regulation, confirming that the requirements of Articles 18-22 of the UK Securitisation Regulation have been satisfied with respect to the Notes.


Compare/contrast: Albion 5, Duncan Funding 2024-1 plc, Together Asset Backed Securitisation 2024-1ST1 plc