Durham Mortgages B - Refinancing 2024: 01 September 2024

The second re-financing of the Durham B transaction, which originally closed in May 2018 and was then re-financed in August 2021.

The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising buy-to-let loans which, other than the Shortfall Loans, are secured over residential properties located in England and Wales, Scotland and Northern Ireland, the equitable interest in which was sold to the Issuer by Cornwall Home Loans Limited on 23 May 2018 (the Original Closing Date).

As at the Portfolio Reference Date (30 June 2024) the portfolio comprised of 10,171 accounts (11,659 sub-accounts) of loans advanced to borrowers upon the security of BTL residential properties situated in England, Wales, Scotland and Northern Ireland. The average account balance is £104,977 and the largest is for £1.262mln. Repayment type (by current balances): Interest Only – 98.27%, Repayment – 1.73%. Interest rate type: Floating – 98.68%, Discount – 1.32%. Loan purpose: Purchase – 51.86%, Re-mortgage – 47.87%, other – 0.26%. The WA indexed LTV is 58.99% (original LTV was 81.96%) and the WA seasoning is 213 months. Arrears: Loans in Arrears ≥ 3 month – 11.02%. Regional distribution: Scotland – 21.12%, London – 20.26%, North West – 14.11% and the South East – 8.49%.

UK & EU Risk Retention: On the Closing Date, Barclays Bank PLC (the Retention Holder) will retain, as originator, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with Article 6(1) of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation.

US Risk Retention: The Retention Holder intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining, directly, an eligible vertical interest (an EVI) equal to a minimum of 5% of the nominal value of each Class of Notes and the Certificates.

STS: The Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purposes of the UK Securitisation Regulation or the EU Securitisation Regulation.

Compare/contrast: Durham Mortgages B (redeemed), Durham Mortgages B - Refinancing 2021(redeemed)