Braccan Mortgage Funding 2025-2 plc: 25 November 2025

This will be the third “Braccan” transaction from regular issuer Paratus, and will again be a standalone issuance. The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising both owner-occupied and buy-to-let mortgage loans sold by Paratus AMC Limited which were originated by the seller (via their Foundation Home Loans brand) and secured over residential properties located in England, Wales and Scotland.

As at the portfolio reference date (30 September 2025) the portfolio consisted of 1,808 loans, where the average outstanding balance per account is £214,030 and the largest is for £2.705mln. All loans were subject to a full property valuation and the majority are performing (99.21%). Borrower type: BTL – 76.85%, owner occupied – 23.15%. Redemption type: interest-only – 78.8%%, capital & interest - 19.0% and part & part – 2.2%. Loan purpose: re-mortgage - 59.5%, purchase - 40.5%. Product type: fixed - 98.8% and variable – 1.2%. The WA CLTV is 71.07% (OLTV was 71.20%) and the WA seasoning is 10.3 months. Regional concentration: London - 31.3%, South East - 13.5% and the North West - 11.7%.

EU & UK Risk Retention: On the Closing Date and until all the Notes have been redeemed in full, Paratus as originator (the Retention Holder) will retain a material net economic interest of not less than 5% in the securitisation as required by Article 6(3)(a) of the UK Securitisation Regulation and Article 6(3)(a) of the EU Securitisation Regulation. As at the Closing Date, the Retention will be satisfied by the Retention Holder subscribing for and thereafter holding an interest in each of the Classes of Notes sold to investors, represented in this case by the retention of at least 5% of each Class of Notes.

US Risk Retention: Paratus (in its capacity as the Retention Holder) as a "sponsor" for the purposes of the credit risk retention requirements under section 15G of the Securities Exchange Act of 1934 intends to comply with the US Risk Retention Rules by acquiring and retaining (either directly or through a majority-owned affiliate) at least 5% of the "credit risk" of the "securitized assets" of the Issuer.

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

Compare/contrast: Braccan Mortgage Funding 2025-1, Chetwood Funding 2025-1, Antler Mortgage Funding 1 plc