Bletchley Park Funding 2024-1 PLC : 09 August 2024

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and interest received from a portfolio comprising (i) buy-to-let mortgage loans (the “Carbon Portfolio”) originated by Quantum Mortgages Limited and (ii) owner occupied mortgage loans (the “Chronos Portfolio”) originated by Hey Habito LTD and, in each case, secured on properties located in England, Wales and Northern Ireland.

At the Portfolio Reference Date the pool consisted of 1034 loans extended to 783 borrowers:

........................................................ Quantum ………….Habito ………………. Total
No. Of Loans ……………………….. 946 ……………… 88 ……………………1034
No. Of Borrowers …………………… 695 ……………… 88 …………………… 783
Average Current Balance (£) ……..219,562 ………….173,536 ………………. 215,645
WA original LTV ……………………. 68.89% ………….. 71.50% ………………. 69.16%
WA current LTV ……………………. 68.91% ……………66.43% …………………68.74%
BTL …………………………………. 100.00% …………… 0.0% …………………93.15%
Interest-only ………………………… 96.74% ……………. 0.0% …………………90.12%
WA Seasoning (months) …………… 8.2 …………………27.5 ………………….. 9.5


UK & EU Risk Retention: On the Closing Date, the EU/UK Retention Holders (Hey Habito LTD & Quantum Mortgages) will retain on a several basis (and not joint), in accordance with their pro rata allocations, in their capacity as originators, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with: (i) Article 6(1) of the UK Securitisation Regulation, in accordance with Article 6(3)(a) of the UK Securitisation Regulation; and (ii) Article 6(1) of the EU Securitisation Regulation.

US Risk Retention: The Beneficial Title Seller, 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 securitised assets for the purposes of compliance with 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: No notification will be submitted to the FCA, in accordance with Article 27 of the UK Securitisation Regulation, confirming that the requirements of Article 18 and Articles 19 to 22 of the UK Securitisation Regulation have been satisfied with respect to the Notes

Compare/contrast: Edenbrook Mortgage Funding plc, Duncan Funding 2024-1 plc