Pavillion Mortgages 2024-1: 02 November 2024

The third standalone transaction via the Pavillion Mortgage name, where the Issuer's primary source of funds to make payments on the Notes will be payments received in respect of a portfolio of first ranking residential mortgage loans originated by Barclays Bank UK plc and secured on properties located in England, Wales, Scotland and Northern Ireland.

The provisional pool (as at 31 July 2024) consists of 6,215 fixed-rate loans (5,660 accounts) where the average current balance at property level is £162,782 and the largest is for £4.915mln. Occupancy type: Owner-occupied – 98.71%, BTL – 1.29%. Original Valuation Type: Full, internal and external inspection – 84.21%, Automated valuation method – 15.79%. Repayment Type: Re-payment – 92.88%, interest only – 4.67% and P&P – 2.45%. Loan Purpose: purchase – 83.64%, re-mortgage – 14.27%, other – 2.09%. Interest rate type: Fixed with switch to floating/Fixed Rate Mortgage Loans – 82.87%, variable – 16.43%. Arrears: Loans in Arrears >= 3 month (% of Current Balance - Loan Level) – 15.23%. The WA current LTV is 76.47% (original LTV was 82.43%) and the WA seasoning is 40.50 months. Additional information: Self-Employed – 16.87%; First Time Buyer – 58.78%. Regional distribution: Greater London – 24.33%, South East – 17.76%, East of England – 9.95% and Scotland – 9.65%.

Significant Investor: The Seller will, on the Closing Date, purchase 95% of the Class A Notes.

UK & EU Risk Retention: On the Closing Date, Barclays Bank plc (the Retention Holder) will retain, as sponsor, 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(1) of the EU Securitisation Regulation. As at the Closing Date, such interest will be comprised of the Retention Holder holding no less than 5% of the nominal value of each Class of Notes and a 5% interest in the Senior Deferred Consideration.

US Risk Retention: The Sponsor (Barclays Bank UK plc) intends to satisfy the requirements under the US Risk Retention Rules by retaining an eligible vertical interest equal to a minimum of 5% of the nominal value of each class of Notes and Certificates issued by the Issuer.

UK STS: The Notes are not intended to be designated as UK STS.

Compare/contrast: Pavillion Mortgages 2022-1, Ealbrook Mortgage Funding 2024-1 plc, Kenrick No.4 plc