Darrowby No. 6 plc: 17 October 2024

The sixth public securitisation from the Skipton Building Society where, again, the underlying assets consist of first lien prime mortgage loans to individuals secured by property located in the UK. Skipton is the UK's fourth largest building society and, as at 30 June 2024, the Society together with its subsidiaries had total group assets of £38.7 billion.

The initial portfolio at the cut-off date (30 June 2024) consists of 5,307 loans advanced on 5,082 properties and none of the loans were in arrears at the time of the cut-off date. The average current loan balance is £187,102 and there are 135 loans of greater than £500,000 (representing 8.57% of current portfolio value). In each case, the first monthly payment has been paid by the borrower.

Repayment type (by current balances): repayment - 89.15%, interest only - 8.67% and part & part - 2.18%. Interest Payment Type: Fixed - 91.56%, Tracker - 6.32% and others - 2.12%. Loan Purpose (by current balances): purchase - 69.49%, re-mortgage - 30.57%, debt consolidation - 0.28%. The WA current indexed LTV is 67.87% (original LTV was 71.77%) and the WA seasoning is 1.57yrs. Regional concentration (by current balances): the South East - 21.40%, Greater London - 13.81%, the North West - 10.56 and the South West - 9.91%.

Significant Investor: Skipton Building Society will, on the Closing Date, purchase all of the Class B Notes and may purchase some of the Class A Notes.


UK & EU Risk Retention: Skipton Building Society, as originator, will undertake to the Issuer, the Swap Provider and the Trustee, on behalf of the Noteholders, that it will on an on-going basis retain a material net economic interest of at least 5% of the nominal value of the securitised exposures.

US Risk Retention: The 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 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: Skipton Building Society as originator has procured that, on or about the date of this transaction, a notification is to be submitted to the European Securities and Markets Association in accordance with Article 27 of the Securitisation Regulation that the requirements of Articles 19 to 22 of the Securitisation Regulation have been satisfied with respect to the Notes.

Compare/contrast: Darrowby RMBS 5, Friary No 9 plc, Tower Bridge Funding 2024-3