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Auburn 15: 19 May 2024

This is essentially a re-financing of the earlier Auburn 12, 13 and 14 transactions.

A stand-alone transaction, where the Issuer will make payments on the Debt and the Certificates from payments of principal and revenue on a portfolio comprising mortgage loans secured over residential properties located in England, Wales, Scotland and Northern Ireland, which will be purchased by the Issuer on the Closing Date and on the Further Purchase Date.

The Provisional Mortgage Portfolio as of 31 March 2024 is comprised of 11,946 Mortgage Loan Accounts (advanced to 7,590 borrowers, and secured on 11,139 properties) with an aggregate Current Balance of £1,474,843,890. The average loan balance is £123,459 and the largest is £2.060mln. Occupancy Type: BTL – 94.71%, owner-occupied – 5.29%. Mortgage Loan Purpose: re-mortgage – 50.32%, purchase – 47.67%, equity release – 2.01%. Redemption type: Interest-only – 98.06%, Repayment – 1.94%, P&P – 0.20%. Interest type: Variable – 100.0%. Additional information: 3+ Months in Arrears – 5.82%. The WA indexed CLTV is 51.67% (original LTV was 81.67%) and the WA seasoning is 206.95 months. Geographical Distribution of Properties: Greater London – 28.00%, South East – 20.57%, the North West – 11.62% and Yorks & Humber – 8.53%.

UK & EU Risk Retention: On the Closing Date, the Retention Holder, as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, will undertake to the Issuer and the Trustee that it will retain a material net economic interest of at least 5% in the securitisation. That interest will comprise the retention of not less than 5 percent of the nominal value of each of the tranches sold or transferred to investors and will be satisfied by the Retention Holder holding the VRR Loan Notes.

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.

Compare/contrast: TPMF 2020 - Auburn 14 (redeemed), Lanebrook Mortgage Transaction 2024-1 plc