Frontier Mortgage Funding 2025-1 plc: 30 September 2025
A stand-alone transaction where the Issuer will make payments on the debt from, among other things, payments of principal and revenue on a portfolio comprising loans secured over residential properties located in England, Wales, Northern Ireland and Scotland. The originator of the loans was Santander UK plc.
As at the Cut-Off Date (30 June 2025) the Portfolio was comprised of 11,705 Mortgage Loans secured over 8,376 properties and originated between 23 May 1996 and 18 November. The average loan balance is £142,523 and the largest is £2,775mln. Occupancy Type: owner occupied – 91.14%, BTL – 8.86%. Repayment type: Repayment – 56.70%, Interest only – 43.30%. Interest Rate Type: fixed – 82.42%, floating – 17.58%. The WA current LTV is 68.94% (original LTV was 75.76%) and the WA seasoning is 9.08 years. Additional information: Self- Employed – 21.87%; First Time Buyer – 24.30%; Ever Restructured – 12.04%. Geographical distribution: Greater London – 27.09%, South East – 17.28%, East Anglia – 12.69% and the North West – 7.82%.
UK & EU Risk Retention: On the Closing Date the Retention Holder, Bank of America NA London Branch, as an originator for the purposes of the UK Securitisation Framework and the EU Securitisation Regulation (interpreted and applied as in force at the Closing Date), will undertake that it will retain a material net economic interest of at least 5% in the securitisation. That interest will comprise the retention of not less than 5% of the nominal value of each of the tranches sold or transferred to investors.
US Risk Retention: The securitisation transaction will be subject to the credit risk retention requirements of Section 15G of the Exchange Act. The Retention Holder, as "sponsor", intends to satisfy its obligations under the US Risk Retention Requirement by acquiring and retaining on the Closing Date (directly or through a majority-owned affiliate) an "eligible vertical interest" in the Issuer in the form of the VRR Loan Notes.
Compare/contrast: Hazel, Hadrian Funding 2025-1 plc, Polaris 2025-2 plc