Ripon Mortgages PLC (2025 Re-finance): 01 March 2025

The transaction is essentially a re-financing of the earlier Ripon deals, which closed initially in April 2017 and then firstly refinanced in February 2022. The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising buy-to-let loans which, other than the Shortfall Loans, are secured over residential properties located in England and Wales.

The portfolio (as at 31 December 2024) consists of 34,748 main accounts (35,791 sub-accounts) where the average balance is £103,468 and the largest balance is £1.001 mln. All of the loans are buy-to-let. Repayment type (by current balances): interest-only - 97.81%, repayment - 1.77%, part & part - 0.41%. Interest rate type: variable - 98.23%, other – 1.77%. The WA current indexed LTV is 48.20% (original LTV was 84.62%) and the WA seasoning is 18.67 years. Regional concentration (by current balances): Greater London - 31.00%, North West - 14.13%, South East - 12.86% and the East Midlands - 7.88%.

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 Article 6(1) of the UK Securitisation Regulation and Article 6(1) of the EU Securitisation Regulation.

US Risk Retention: The Retention Holder intends to satisfy the US Credit Risk Retention Requirements by acquiring and retaining, directly, an eligible vertical interest (EVI) equal to a minimum of 5% of the nominal value of each Class of Notes and the Certificates.

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

Compare/contrast: Ripon Mortgages plc (2022 Re-finance), Antigua Mortgages plc, Elvet Mortgages 2025-1