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Final Securitised Pool
£276.7M
£276,654,928
Loan Count
2,538
Loans in the portfolio
WA LTV
85.62%
Weighted average loan-to-value
WA Seasoning
212m
Weighted average seasoning
Closing Date
19 August 2025
Step-Up Date
28 September 2028
First Call Date
28 September 2028
Final Maturity
28 June 2048
Interest Payment Dates
LEI
635400KAD9IOWKUKQR96
Registration No.
16551042
Listing Venue
Euronext Dublin
Governing Law
English law
Cheshire 2025-1 PLC is a standalone UK RMBS transaction backed by a portfolio of residential owner-occupied and buy-to-let mortgage loans originated by various lenders including Kensington, GMAC, and Dukinfield. The transaction utilises a senior/subordinated note structure with sequential redemption and credit enhancement provided by over-collateralisation and reserve funds. The notes are linked to Compounded Daily SONIA and secured by residential properties in England, Wales, Scotland, and Northern Ireland.
Barclays Bank PLC is the designated originator for the purposes of the UK and EU risk retention requirements in this securitisation deal. While Barclays acts as the originator under regulatory frameworks, the actual mortgage loans in the portfolio were originally originated by 16 different legacy platforms. These original lenders include: Antigua Portfolio Originators: Kensington Mortgage Company Limited, Infinity Mortgages Limited, Unity Homeloans Limited, GMAC Limited, Money Partners Limited, Edeus (various entities), and Platform Funding Limited. Cheshire Portfolio Originators: Dukinfield Mortgages Limited (trading as Future Mortgages Limited), Citibank Trust Limited, Citibank International Limited, Citifinancial Europe PLC (formerly Associates Capital Corporation plc), Southern Pacific Mortgage Limited, Amber Homeloans Limited, and Rooftop Mortgages Limited.
Average loan size
£109.0K
WA interest rate
6.74%
Owner occupied
73.73%
Buy-to-let
26.27%
Fixed rate
0.09%
Variable rate
99.91%
Top region
London: 18.43%
Collateral notes
Portfolio includes 383 Shortfall Loans with an aggregate balance of £21,423,639.32. Properties are 100% first lien.
| Class | Principal | Issue Price | Margin (bps) | Step-Up (bps) | Ratings | ISIN |
|---|---|---|---|---|---|---|
Class A NotesQuarterly | £205,031,000 | 100% | +80 | +140 | | XS3140971576 |
Class B NotesQuarterly | £16,846,000 | 100% | +105 | +157.5 | | XS3140988463 |
Class C NotesQuarterly | £14,654,000 | 100% | +135 | +202.5 | | XS3141004179 |
Class D NotesQuarterly | £8,217,000 | 100% | +170 | +255 | | XS3141017585 |
Class E NotesQuarterly | £8,080,000 | 98.2073% | +260 | +360 | | XS3141022239 |
Class F NotesQuarterly | £3,560,000 | 98.5081% | +375 | +475 | | XS3141022312 |
Class Z Notes | £17,534,000 | 63.99063% | — | — | N/A | XS3141022585 |
Class R Notes | £4,533,000 | 67.02162% | — | — | N/A | XS3141023047 |
Class X NotesQuarterly | £3,424,000 | 100% | +400 | +400 | | XS3141023633 |
Final Maturity Dates
Origination
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