Albion No 7 Plc: 04 June 2025

This will be the eighth RMBS issue from Leeds Building Society and will be the seventh to use the Albion name. For history of Leeds Building Society, please see market commentary on earlier Albion transactions.

The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising 4,645 mortgage loans originated by Leeds Building Society and secured over residential properties located in England and Wales, purchased by the Seller between 2010 and 2025.

At cut-off all loans are current, the average current balance is £146,151 and the largest loan is for £986,7391. Purpose of loan (by current balances): re-mortgage - 58.07%, purchase - 41.93%. Repayment type: repayment - 92.97%, interest-only - 7.03%. Product type: fixed - 95.93%, variable - 4.07%. The WA current indexed LTV is 55.01% (original WA LTV is 64.90%) and there are only 14 loans with an indexed LTV of greater than 80% in the pool. WA seasoning is 24 mnths. Regional concentration (by current balances): South East -15.09%, the North West - 14.87%, Yorks & Humberside - 11.12%, the East of England - 10.38% and the South West - 9.84%.

UK & EU Risk Retention: LBS will undertake that it will retain on an ongoing basis a material net economic interest of at least 5% of the nominal value of the securitised exposures. Such interest will comprise of an interest in the first loss tranche, in this case represented by LBS holding the Class Z VFN.

US Risk Retention: LBS, as the sponsor under the final rules promulgated under Section 15G of the Securities Exchange Act of 1934, does not intend to retain at least 5% of the credit risk of the Notes for the purposes of the US Risk Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Risk Retention Rules regarding non-US transactions.

STS: The transaction is intended to qualify as a simple, transparent and standardised (STS) securitisation within the meaning of Regulation 9 of the 2024 UK SR SI. On or about the Closing Date, it is intended that a notification will be submitted to the FCA by LBS, as originator, in accordance with SECN 2.5, confirming that the requirements of SECN 2.2.1R to SECN 2.2.29R (the UK STS Requirements) have been satisfied.

Compare/contrast: Albion 6, Elvet Mortgages 2025-1, Hazel Residential plc