London Bridge Mortgages 2025-1 PLC: 05 June 2025

This will be the first issuance via the London Bridge name from prolific issuer Vida Bank. The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans originated by Vida Bank under its trading name Vida Homeloans, secured over residential properties located in England, Wales, and Scotland, which will be purchased by the Issuer on the Issue Date.
For the full list of lending criteria, please see the relevant section in the final offering circular.

At the cut-off date (31 March 2025) the provisional pool consisted of 1,257 loans, where the current average balance is £198,886 and the largest loan is for £1.020mln. All were subject to a full internal and external inspection. Occupancy type (by current balances): BTL - 68.87%, owner-occupied - 29.04%. Repayment type (by current balances): interest-only - 66.01%, repayment – 33.99%. Interest Rate type: fixed to floating - 100%. Loan purpose: purchase – 56.99%, re-mortgage – 42.07% and right to buy - 0.95%. The WA current LTV is 74.87% (original LTV 75.25%) and the WA seasoning is 16.39 months. Regional concentration: Greater London - 28.26%, South East - 14.03% and East of England - 11.29%. Additional information: self-employed account for 24.67% of balances; CCJs account for 11.78% of balances.

EU & UK Risk Retention: On the Issue Date, Vida Bank will undertake that it will retain on an ongoing basis, as an originator within the meaning of (a) the UK Securitisation Framework and (b) the EU Securitisation Regulation, a material net economic interest of not less than 5% in the securitisation. As at the Issue Date, the UK Retention Requirement and EU Retention Requirement will each be satisfied by Vida Bank holding not less than 5% of the nominal value of each of the ‘tranches’ of Notes sold or transferred to investors.

US Risk Retention Rules: Vida Bank, as a “sponsor” for the purposes of the US Retention Rules, does not intend to retain at least 5 percent of the credit risk of the securitised assets for purposes of compliance with the US Retention Rules, but rather intends to rely on an exemption provided for in Section 20 of the US Retention Rules regarding certain foreign-related transactions.

STS: As at the Closing Date, no notification will be submitted to either ESMA or the FCA.

Compare/contrast: Tower Bridge Funding 2024-3, Aldbrook Mortgage Transaction 2025-1 plc, Hazel Residential plc