Polaris 2025-1 PLC: 16 February 2025

A stand-alone transaction, where the Issuer will make payments on the Notes and the Certificates from payments of principal and revenue received from a portfolio comprising mortgage loans secured over residential properties located in England and Wales in respect of which UK Mortgage Lending Ltd was the original lender of record and will, as at the Issue Date and any Additional Sale Date, be the Legal Title Holder of the Loans.

The provisional portfolio (as of 31 December 2024) consists of 3,557 loans, where the average principal balance is £154,464 and the largest loan is for £972,760. Full internal and external inspection: 93.10%. Loan purpose (by current balances): purchase – 65.74%, re-mortgage – 32.61%, right to buy – 1.65%. Occupancy Type: owner occupied – 100.00%. Repayment Method: repayment – 93.32%, interest only – 6.68%. Interest Rate Type: fixed to floating – 99.46%. The WA CLTV is 64.42% (original LTV was 65.00%) and WA seasoning is 7.50 months. Regional concentration: South East – 23.19%, the North West – 13.78%, London – 11.05% and the South West – 10.77%. Additional information: Self-employed – 30.05%, CCJs – 26.96%, Arrears 3+ mnths – 0.81%.

UK & EU Risk Retention: The Seller (the Risk Retention Holder) will undertake to retain on an ongoing basis, as an originator, a material net economic interest of not less than 5% in the securitisation (i) as required by Article 6 of the UK Securitisation Regulation and (ii) as determined in accordance with Article 6 of the EU Securitisation Regulation. As at the Issue Date, the UK Retention Requirement and EU Retention Requirement will each be satisfied by the Seller holding not less than 5% of the outstanding nominal value of each tranche of Notes.

US Risk Retention: The Seller 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, as amended, 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: Polaris 2024-1, Elstree Funding No.5, Kenrick No.4 plc