Cheshire 2025-1 PLC: 25 August 2025

A refinancing of both Antigua Mortgages plc (56.82%) and Cheshire 2020-1 plc (43.18%).

The Issuer will make payments on the Debt from payments of principal and revenue received from a portfolio comprising loans the equitable or beneficial interest in which will be sold to the Issuer by Isle of Wight Home Loans Limited and which will be purchased by the Seller on the Closing Date from each of: (a) Antigua Mortgages plc and (b) Cheshire 2020-1 plc, and secured over residential properties located in England and Wales, Scotland and Northern Ireland.

The provisional pool (as at 30 June 2025) consists of 2,538 loans, where the average mortgage current loan balance is £109,005 and the largest is £887,917. Occupancy Type: Owner Occupied – 73.73%, BTL – 26.27%. Loan purpose: purchase – 67.86%, re-mortgage – 28.50%, right to buy – 3.63%. Payment Type: bullet – 85.92%, annuity – 14.08%. Interest Rate Type - Floating rate loan (for life) – 99.91%, fixed – 0.09%. The WA Indexed CLTV is 55.14% (original LTV was 85.62%) and the WA seasoning is 212 months. Geographic Region: London – 18.43%, North West – 15.13%, South East – 10.97% and York & Humber – 9.19%. Additional information: Loans in Arrears ≥ 3 month – 18.60%; non-performing loans – 24.72%.

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 SECN 5 (the FCA Retention Rules) and Article 6 of Chapter 2 together with Chapter 4 of the PRA Securitisation Rules (collectively the UK Retention Rules) and Article 6 of the EU Securitisation Regulation. At the Closing Date, the retention will comprise of the Retention Holder holding at least 5% of the nominal value of each Class of Debt and the Class X Certificates.

US Risk Retention: The Sponsor 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 Debt and the Certificates issued by the Issuer on the Closing Date.

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

Compare/contrast : Antigua Mortgages plc, Cheshire 2020-1 plc