Polaris 2026-1 PLC

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 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 12 January 2026) consists of 1,622 residential loans, where the average principal balance is £168,185 and the largest loan is for £997,259. Borrower type: owner occupied – 95.40, BTL – 4.60%. Full internal and external inspection: 93.15%. Loan purpose (by current balances): purchase – 64.70%, re-mortgage – 32.20%, other – 3.1%. Repayment Method: repayment – 90.1%, interest only – 9.9%. Interest Rate Type: fixed to floating – 99.9%. The WA CLTV is 66.46% (original LTV was 66.50%) and the WA seasoning is 1.08 months. Regional concentration: South East – 23.4%, North West – 13.8% and London – 12.6%. Additional information: Self-employed – 35.37%, CCJs – 16.29%, Arrears 3+ mnths – 0.00%.

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 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 Risk Retention Holder intends to comply with the requirements of the US Risk Retention Rules by acquiring on the Issue Date and retaining, either directly or through a majority owned affiliate, the US Risk Retained Interest in the form of an eligible vertical interest equal to not less than 5% of each Class of Notes and of the Certificates issued by the Issuer on the Issue Date.

Compare/contrast: Polaris 2025-3, Tower Bridge Funding 2026-1, Elvet Mortgages 2026-1 plc