Ealbrook Mortgage Funding 2024-1 PLC: 01 November 2024

Another stand-alone transaction from Shawbrook (all available on www.euroabs.com) where the Issuer will make payments on the Notes from a portfolio comprising mortgage loans and their related security originated by Bluestone Mortgages Limited to borrowers secured on properties in England, Wales and Scotland.

As at the Portfolio Reference Date (31 August 2024) the Provisional Portfolio comprises 2,677 first-ranking fixed-rate loans originated by the seller between April 2017 and 31 July 2024 and secured over properties located in England, Wales and Scotland. All loans were subject to a full property valuation. The average current balance is £156,100 and the largest loan is for £862,679. Borrower type: owner-occupier – 99.09%, BTL – 0.91%. Repayment type: repayment – 99.18%, interest-only – 0.82%. Borrower purpose: purchase – 67.63%, refinancing - 32.37%. The WA current LTV is 65.96% (original LTV was 68.04%) and the WA seasoning is 11.74 months. Additional info: Self-employed borrowers – 28.28%; CCJs – 29.91%. Regional distribution (by current balances): South East – 19.60%, the North West - 13.23% and Scotland – 11.21%.

UK & EU Risk Retention: On the Closing Date the Seller will, as an originator for the purposes of the UK Securitisation Regulation and the EU Securitisation Regulation, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, the Retention will be satisfied by the Seller selecting and holding a pool of randomly selected exposures equivalent to not less than 5% of the nominal value of the securitised exposures, where such non-securitised exposures would otherwise have been securitised in the securitisation, as required by the text of each of paragraph (c) of Article 6(3) of the UK Securitisation Regulation and paragraph (c) of Article 6(3) of the EU Securitisation Regulation.

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

Compare/contrast: Ealbrook Mortgage Funding 2022-1 plc, Harbour No.2 plc, Kenrick No.4 plc