Hazel Residential PLC: 29 March 2025

A stand-alone transaction, where the Issuer will make payments on the Debt and the Residual Certificates from payments of principal and revenue received from a portfolio of residential mortgage loans and their related security originated by Santander UK PLC and its predecessors as the original lender of the Loans, and secured on properties located in England, Wales, Scotland and Northern Ireland, the equitable or beneficial interest in which will be sold to the Issuer by Morgan Stanley Principal Funding Inc.

As at the Closing Date Santander UK PLC has agreed, prior to the occurrence of a Perfection Event, to hold the legal title to the Loans comprising the Portfolio on bare trust for the Issuer in accordance with the terms and conditions set out in the Servicing Agreement.

As at the Cut-Off Date (30 November 2024) the Portfolio was comprised of 6,667 Loans originated between 23 May 1996 and 18 November 2024 and secured over properties located in England, Wales, Northern Ireland and Scotland. The Average Mortgage Loan Balance is £87,720 and the largest is £1.358mln. Borrower type – owner occupier – 95.75%, BTL – 4.25%. Loan purpose: purchase – 54.35%, remortgage – 26.04%, debt consolidation – 11.72%, other – 7.89%. Repayment Method: annuity – 53.96%, interest only – 46.04%. Income verification: Yes – 88.28%, other – 11.72%. Interest Rate type: fixed – 75.58%, variable – 24.42%. The WA indexed CTV is 49.88% (original LTV was 77.11%) and the WA seasoning is 12.28 years. Regional concentration: London – 24.28%, South East – 16.93%, East – 11.89% and Northern Ireland – 9.36%.

Significant investor: On or about the Closing Date, it is expected that one investor (who will be a Joint Lead Manager or an affiliate of a Joint Lead Manager) will acquire 100% of the Principal Amount Outstanding of the Class A Loan Note.

UK & EU Risk Retention: Morgan Stanley Principal Funding Inc (the Retention Holder) will retain, as originator for the purposes of the UK Securitisation Framework and the EU Securitisation Regulation, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, the EU Risk Retention Rules and UK Retention Requirement will be satisfied by the Retention Holder holding such retained material net economic interest in not less than 5% of the nominal value of each Class of Debt and 5% of the Residual Certificates sold or transferred to investors.

US Risk Retention: The Retention Holder, as the "sponsor" under the US Credit Risk Retention Requirements, intends to comply with the requirements under Section 15G of the US Securities Exchange Act of 1934, in its capacity as the Retention Holder, acquiring and retaining on the Closing Date an eligible vertical interest equal to not less than 5% of each Class of Debt.

STS: As of the date of the Prospectus, the Notes are not intended to be designated as a UK STS securitisation or a EU STS securitisation for the purpose of the UK Securitisation Framework or EU Securitisation Regulation.

Compare/contrast: Holmes Master Issuer (Note Programme), Elvet Mortgages 2025-1, Together Asset Backed Securitisation 2025-2ND1 plc