Polaris 2026-3 PLC: 09 October 2026

Polaris 2026-3 PLC is a UK residential mortgage-backed securitisation backed by a portfolio of mortgage loans secured on residential properties in the United Kingdom. The underlying mortgage loans were originally advanced by UK Mortgage Lending Limited (UKMLL) or PML and comprise a combination of seasoned mortgage loans and newly originated loans. The transaction incorporates both owner-occupied and buy-to-let residential mortgages, including loans advanced for property purchases and refinancing. The portfolio consists of fixed-rate mortgages, which revert to the lender-managed rate (LMR) following expiry of their initial fixed-rate periods, and mortgages already referencing the LMR. The transaction also permits the acquisition of additional mortgage loans following the issue date, subject to the relevant transaction conditions.

As at 31 July 2026, the provisional mortgage portfolio comprised 3,043 loans with an aggregate outstanding principal balance of approximately £477.0 million and an average loan balance of £156,745. The portfolio had a weighted average current loan-to-value (LTV) ratio of 63.09%, a weighted average indexed LTV of 62.75%, and a weighted average original LTV of 65.92%. The weighted average current interest rate was 5.86%, while the weighted average remaining term to maturity was 23.85 years and the weighted average seasoning was 21.09 months. Owner-occupied mortgages accounted for 88.19% of the portfolio by outstanding principal balance, with buy-to-let mortgages representing the remaining 11.81%. Self-employed borrowers accounted for 32.02% of the portfolio, while 10.91% comprised shared ownership mortgages. Approximately 43.10% of the portfolio consisted of seasoned loans, with the remaining 56.90% comprising newly originated loans. Loans in arrears of between one and three months represented 2.07% of the outstanding principal balance, while loans in arrears of three months or more accounted for 1.24%.

EU & UK Risk Retention: The Seller, acting as Risk Retention Holder, has undertaken to retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with the applicable UK risk retention requirements and, on a contractual basis, the EU Securitisation Regulation. This requirement will be satisfied through the retention of at least 5% of the outstanding nominal value of each tranche of Notes sold or transferred to investors, excluding the Class X1 and Class X2 Notes, in accordance with SECN 5.2.8R(1)(a) of the UK Securitisation Framework and Article 6(3)(a) of the EU Securitisation Regulation. The EU retention undertaking is contractual and applies to the regulatory requirements in force as at the issue date, subject to the equivalency provisions described in the prospectus.

US Risk Retention: The Risk Retention Holder intends to comply with the US Credit Risk Retention Rules by acquiring and retaining an eligible vertical interest (EVI) representing not less than 5% of each Class of Notes, including the Class A1 and Class A2 Notes, and the Certificates issued by the Issuer. The retained interest will be maintained until the later of the fifth anniversary of the issue date and the date on which the aggregate outstanding mortgage balance has declined to 25% of its initial balance, subject to a maximum retention period of seven years from the issue date.

STS Status: The transaction does not meet the criteria for Simple, Transparent and Standardised (STS) securitisation treatment. Accordingly, no STS notification will be made in respect of the Notes.