Antigua Mortgages PLC: 01 February 2025

Essentially a re-financing of Formentera Issuer PLC, which closed in February 2022.

A standalone transaction, where the Issuer will make payments on the Debt from payments of principal and revenue received from a portfolio comprising loans, the equitable or beneficial interest in which will be sold to the Issuer by Isle of Wight Home Loans Limited on the Closing Date and which were purchased by the Seller from Formentera Issuer plc, and secured over residential properties located in England and Wales, Scotland and Northern Ireland.

Note: As described in the prospectus, the Issuer may, after the Closing Date, issue Further Certificates in each Class ranking pari passu with the outstanding Certificates in each Class, in each case subject to satisfaction of the Further Certificates Conditions, and will represent a right to deferred consideration for the sale of the Further Loans by the Seller to the Issuer.

At the cut-off date the portfolio consisted of 1,407 loans advanced to 1,344 borrowers, and secured on 1,399 properties. The average current loan size is £122,394 and the largest is £943,891. Loan type: owner occupier – 61.75%, BTL – 38.25%. Repayment Method: Interest-only Loans – 92.9%, Repayment – 7.1%. Interest Rate Type: Variable – 100.00%. Arrears: 90+ Days in Arrears – 22.7%. The current WA indexed LTV is 53.9% (original LTV was 83.7%) and the WA seasoning is 210 months. Regional concentration: London – 20.62%, North West – 17.51% and Yorks & Humber – 10.34%.

Significant Investor: The Retention Holder will hold 100% of the Class A Notes, 5% of the Class Z Notes and 5% of the Class R Notes. Sunderland Receivables SA (the Original Class A Loan Noteholder) will acquire 100% of the Principal Amount Outstanding of the Class A Loan Notes.

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 SECN 5 (FCA Retention Rules) and Article 6 of Chapter 2 together with Chapter 4 of the PRA Securitisation Rules (PRA Retention Rules) and, collectively, the UK Retention Rules and Article 6 of the EU Securitisation Regulation. As at the Closing Date, the retention will comprise of the Retention Holder holding 5% of the nominal value of each Class of Debt.

US Risk Retention: This securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the US Securities Exchange Act of 1934. The Retention Holder intends to satisfy its obligations by acquiring and retaining (directly or through a majority-owned affiliate) on the Closing Date a “single vertical security” that is an “eligible vertical interest” in the Issuer in the form of the VRR Loan Note.

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

Compare/contrast: Formentera Issuer plc, Winchester 1 plc, TPMF 2024 - Granite 7 plc