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[" "]
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[null,"Report Date:",null,null,"2025-08-31"]
[null,"Reporting Period:",null,null,"01-July-25 to 31-July-25"]
[null,"Trustee Distribution Date:",null,null,"2025-08-08"]
[null,"Issuer Distribution Date:",null,null,"2025-10-15"]
[]
[]
[null,"Investors, potential investors (and certain other market professionals acting on their behalf) can register at https://www.euroabs.com/IH.aspx?s=222 to download further information in relation to the Holmes Master Issuer Residential Mortgage-Backed Note Issuance Programme (the “Programme”) in accordance with the Bank of England's Market Notice dated 30 November 2010 in respect of its eligibility requirements for residential mortgage backed securities. In accordance with, as applicable, (i) Article 7 of Chapter 2 of the Securitisation Part of the rulebook of published policy of the Prudential Regulation Authority of the Bank of England (the “PRA Securitisation Rules”) and SECN 6 of the securitisation sourcebook of the handbook of rules and guidance adopted by the Financial Conduct Authority (the “SECN”), and (ii) Article 7(1) of Regulation (EU) 2017/2402 (the “EU Securitisation Regulation”), Santander UK plc (“Santander UK”), in its capacity as seller under the Programme, will also procure the publication of: (a) a quarterly investor report in respect of the relevant collection period; and (b) certain loan-level information in relation to the portfolio in respect of the relevant collection period prior to pricing of any series of notes upon request, on https://www.euroabs.com/IH.aspx?d=12305 and https://www.secrep.co.uk, or, in each case, any other website which may be notified to the investors from time to time, in each case simultaneously each quarter (to the extent required under Article 7 of Chapter 2 of the PRA Securitisation Rules, SECN 6, and/or, as applicable, Article 7(1) of the EU Securitisation Regulation). "]
[]
[null,"DISCLAIMER: The following document has been prepared by Santander UK.  The document is provided to you for information purposes only.  The document is not intended as an offer or solicitation for the purchase or sale of any financial instrument.  Whilst every effort has been taken to ensure that the document is accurate, current, complete, fit for its intended purpose and compliant with the relevant United Kingdom legislation and regulations as at the date of issue, Santander UK does not warrant that this document is accurate, current, complete, fit for its intended purpose and compliant with the relevant United Kingdom legislation and regulations as errors might occur due to circumstances which are beyond our control.  In particular, Santander UK does not warrant that any market data or prices are complete or accurate.  Any opinions or estimates expressed in the documents may be subject to change without notice and Santander UK is under no obligation to update the opinions or estimates and neither Santander UK nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss arising from any use of this document or its contents.  Please remember that past performance is not necessarily a guide for future performance.  The value of instruments and the income from them can go down as well as up."]
[]
[]
[null,"\n"]
[]
[null,"Contacts:"]
[null,null,null,null,null,null,"                                "]
[null,"All queries should be directed to:"]
[]
[]
[null,"Medium Term Funding Team",null,"MTF@santander.co.uk",null,null,null,null,null,null,null,"  "]

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[null,"MAIN PARTIES TO THE STRUCTURE, RATINGS AND TRIGGERS (IF APPLICABLE)"]
[]
[null,"Role","Counterparty","Fitch/Moody's/S&P Long Term Rating ","Fitch/Moody's/S&P Short Term Rating ","Applicable Trigger (loss of)","Consequence"]
[null,"Issuer","Holmes Master Issuer"]
[null,"Funding","Holmes Funding Limited"]
[null,"Mortgages Trustee ","Holmes Trustees Limited"]
[null,"Seller","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1","A3 (Moody's)","Funding required to establish a liquidity reserve fund."]
[null,null,null,null,null,"BBB / Baa2 / BBB","Seller to submit to the Mortgages Trustee, Funding, the Security Trustee and the Rating Agencies draft letters of notice to the Borrowers of sale and purchase of Loans."]
[null,null,null,null,null,"BBB- / Baa3 / BBB-","Completion of legal assignment of Loans to the Mortgages Trustee."]
[null,null,null,null,null,"F2 / P-2 / A-3","New Loans may not be assigned to the Mortgages Trustee."]
[null,null,null,null,null,"F2 / P-2 / A-2","Funding may not offer payments to the Seller to acquire an increased interest in the Trust Property."]
[null,null,null,null,null,"A3 (Moody's)","Independent auditors need to be appointed to determine whether a random selection of Loans and their Related Security constituting the Trust Property complied with the representations and warranties at the date of assignment."]
[null,null,null,null,null,"F1 (Fitch) / A-1 (S&P)","Quarterly (instead of annual) review of the calculation components of the Minimum Seller Share."]
[null,null,null,null,null,"Baa3 (Moody's)","Adjustment to Minimum Seller Share."]
[null,"Servicer","Santander UK","A +/ Aa3 / A","F1 / P-1 / A-1","F1 / P-1 / A-1","The title deeds and the customer files relating to the Loans in the Portfolio to be segregated from the title deeds and customer files of other properties and mortgages of the Seller which do not form part of the Portfolio."]
[null,"Cash Manager","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1"]
[null,"Each Start-up Loan Provider","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1"]
[null,"Funding Account Bank A","Bank of New York Mellon","AA / Aa2 / AA-","F1+ / P-1 / A-1+","A or F1 / P-1 / A or A-1 (or A+ if no ST rating)","Termination of role and transfer of Funding Transaction Account to a financial institution having the required ratings, unless within 60 calendar days (in respect of Moody's or Fitch) or\n90 calendar days (in respect of S&P): \n(a) a guarantee of the Account Bank A’s obligations is obtained from a financial institution having the required ratings; or \n(b) such other actions required by the Rating Agencies are taken to ensure that the ratings assigned to the outstanding Rated Notes are not adversely affected."]
[null,"Funding Account Bank B","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1"]
[null,null,null,null,null,"A or F1 / P-1 / A or A-1 (or A+ if no ST rating)","Termination of role and transfer of Funding GIC Account to a financial institution having the required ratings, unless within 60 calendar days (in respect of Moody's or Fitch) or\n90 calendar days (in respect of S&P): \n(a) a guarantee of the Account Bank B’s obligations is obtained from a financial institution having the required ratings; or \n(b) such other actions required by the Rating Agencies are taken to ensure that the ratings assigned to the outstanding Rated Notes are not adversely affected.  \nIf certain conditions are met pursuant to the Panel Bank Guidelines (see Schedule 5 to the Cash Management Agreement) a limited amount of cash may be kept with Santander UK as an Eligible Bank when it is rated below A or F1 / P-1 / A or A-, but no lower than F2 and BBB+ / P-2 / A-2 and BBB+."]
[null,"Mortgage Trust Account Bank","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1","BBB+ or F2 / P-2 / BBB+ or A2\n","Termination of role and transfer of Mortgages Trustee GIC Account to a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating), unless within 30 calendar days: (a) the rights and obligations in respect of the provision of the Mortgages Trustee GIC Account are transferred to a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating); or\n(b) a guarantee from a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating) is obtained; or\n(c) such other action required by the Rating Agencies is taken to ensure that the ratings assigned to the outstanding Rated Notes are not adversely affected, \nand for each of the remedial actions above, a confirmation from the Ratings Agencies that the outstanding Rated Notes will not be downgraded is also required.  "]
[null,null,null,null,null,"A or F1 / P-1 / A or A-1 (or A+ if no ST rating)","Termination of role and transfer of Mortgages Trustee GIC Account to a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating), unless within 60 calendar days (in respect of Moody's or Fitch) or\n90 calendar days (in respect of S&P): \n(a) a stand-by arrangement is put in place in respect of the Mortgages Trustee GIC Account with a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating); or\n(b) such other action required by the Rating Agencies is taken to ensure that the ratings assigned to the outstanding Rated Notes are not adversely affected, \nand for each of the remedial actions above, a confirmation from the Rating Agencies that the outstanding Rated Notes will not be downgraded is also required."]
[null,null,null,null,null,"A or A-1 (or A+ if no ST rating) (S&P)","Termination of role and transfer of Mortgages Trustee GIC Account to a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating), unless within 60 London Business Days: \n(a) the Excess Amount (being the amount by which the monies collected by the Servicer in respect of the Loans and standing to the credit of the Mortgages Trustee GIC Account exceed 5% of the Funding Share) is transferred to a financial institution rated A and A-1 (or A+ if no ST rating) by S&P; or\n(b) such other action required by the Rating Agencies is taken to ensure that the ratings assigned to the outstanding Rated Notes are not adversely affected, \nand for each of the remedial actions above, a confirmation from the Rating Agencies that the outstanding Rated Notes will not be downgraded is also required.  "]
[null,"Issuer Account Bank ","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1","F1 / P-1 / A or A-1 (or A+ if no ST rating)","Termination of Issuer Bank Account Agreement and closure of account, unless within 60 calendar days (in respect of Moody's or Fitch) or\n90 calendar days (in respect of S&P): \n(a) the relevant Master Issuer Transaction Account and rights and obligations of the Issuer Account Bank are transferred to a financial institution rated A and F1 / P-1 / A and A-1 (or A+ if no ST rating); \n(b) a guarantee of the Issuer Account Bank’s obligations is obtained from a financial institution having the above ratings; or \n(c) such other actions are taken to ensure that the ratings assigned to the outstanding issuing entity rated notes are not adversely affected,\nand for each of the remedial actions above, a confirmation from the Ratings Agencies that the outstanding Rated Notes will not be downgraded is also required.\n"]
[null,"Funding Swap Provider","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1","A or F1 / A2 or P-1 (or A1 if no ST rating) or A3(cr) (or A3 if no (cr) rating) / A or A-1 (A+ if not ST rating) or A-","Remedial action required including posting collateral with possibility of obtaining guarantee, transferring to eligible transferee or taking such other action as will result in the rating of the relevant Notes being maintained at the same level."]
[null,null,null,null,null,"BBB- or other applicable supported minimum counterparty rating or F3 / A3 or Baa1(cr) (Baa1 if no (cr) rating) or P-2 (A3 if no ST rating) / BBB+ or A-","Further remedial action required including posting/continuing to post collateral with the possibility of obtaining a guarantee, transferring to eligible transferee or taking such other action as will result in the rating of the relevant Notes being maintained at the same level."]
[null,"Issuer Swap Provider","Santander UK","A+ / Aa3 / A","F1 / P-1 / A-1","A or F1 / A2 or P-1 (or A1 if no ST rating) or A3(cr) (or A3 if no (cr) rating) / A or A-1 (A+ if not ST rating) or A-","Remedial action required as above."]
[null,null,null,null,null,"BBB- or other applicable supported minimum counterparty rating or F3 / A3 or Baa1(cr) (Baa1 if no (cr) rating) or P-2 (A3 if no ST rating) / BBB+ or A-","Further remedial action required as above."]
[null,"Paying Agent and related roles","Bank of New York Mellon","AA / Aa2 / AA-","F1+ / P-1 / A-1+"]
[null,"Corporate Services Provider","Wilmington Trust SP Services (London) Limited"]
[null,"Note Trustee and Security Trustee","Bank of New York Mellon"]
[null,"The table above is a brief overview only. For a more detailed summary, please consult the \"Trigger Tables\" section in the base prospectus available at https://www.santander.co.uk/about-santander/investor-relations/holmes-master-trust ). Investors are also advised to consult the underlying Transaction Documents, also available at Holmes Master Trust | Santander UK, to understand the precise legal terms and conditions associated with the roles listed above and the rating triggers summarised above."]

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[]
[null,"COLLATERAL REPORT"]
[]
[null,"Mortgage Loan Profile",null,null,null,null,null,null,null,"Trust Assets"]
[]
[null,"Original number of Mortgage Loans in Pool",null,null,null,115191,null,null,null,"Current value of Mortgage Loans in Pool at 01 August 2025",null,null,null,7380168089.7399797]
[null,"Original current value of Mortgage Loans in Pool",null,null,null,6399214137.6800003,null,null,null,"Last months Closing Trust Assets at 01 July 2025",null,null,null,6051281901.35005]
[null,"Current number of Mortgage Loans in Pool at  01 August 2025",null,null,null,53339,null,null,null,"Mortgage collections - Interest on 01 August 2025",null,null,null,19595439.09]
[null,"Current £ value of Mortgage Loans in Pool at  01 August 2025",null,null,null,7380168089.7399998,null,null,null,"Mortgage collections - Principal (Scheduled) on 01 August 2025",null,null,null,18866499.1800001]
[null,"Weighted Average Yield on  08 August 2025",null,null,null,3.6030788684864673E-2,null,null,null,"Mortgage collections - Principal (Unscheduled) on 01 August 2025",null,null,null,235054606.23999989]
[null,null,null,null,null,null,null,null,null,"Principal Ledger as calculated on 08 August 2025",null,null,null,0]
[null,null,null,null,null,null,null,null,null,"Funding Share (Following an interim trust recalculation event) as calculated on 31 July 2025",null,null,null,4229308695.2108102]
[null,null,null,null,null,null,null,null,null,"Funding Share % (Following an interim trust recalculation event) as calculated on 31 July 2025",null,null,null,0.69891119999999995]
[null,null,null,null,null,null,null,null,null,"Seller Share (Following an interim trust recalculation event) as calculated on 31 July 2025",null,null,null,1821973206.13919]
[null,null,null,null,null,null,null,null,null,"Seller Share % (Following an interim trust recalculation event) as calculated on 31 July 2025",null,null,null,0.30108879999999999]
[null,null,null,null,null,null,null,null,null,"Minimum Seller Share (Amount) 31 July 2025"]
[null,null,null,null,null,null,null,null,null,"W      Please refer to the notes on page 10",null,null,null,79348010.069999993]
[null,null,null,null,null,null,null,null,null,"X       Please refer to the notes on page 10",null,null,null,56093056.508519903]
[null,null,null,null,null,null,null,null,null,"Y       Please refer to the notes on page 10",null,null,null,123149023.10160023]
[null,null,null,null,null,null,null,null,null,"Z       Please refer to the notes on page 10",null,null,null,0]
[null,null,null,null,null,null,null,null,null,"AA    Please refer to the notes on page 10",null,null,null,1994.0323541666701]
[null,null,null,null,null,null,null,null,null,"Minimum Seller Share (Amount)",null,null,null,302564095.06750005]
[null,null,null,null,null,null,null,null,null,"Minimum Seller Share (% of Total) on 01 August 2025",null,null,null,0.05]
[]
[null,"Arrears Analysis at 31 July 2025",null,"Number","Current Balance\n£","Arrears \n£","By Number\n%","By Current Balance\n%"]
[null,"<1 month in arrears",null,53208,7366256394.5,0,99.754401094883676,99.811498937817689]
[null,"≥1 – <2 months in arrears",null,131,13911695.24,59403.28,0.2455989051163314,0.18850106218231277]
[null,"≥2 – <3 months in arrears",null,0,0,0,0,0]
[null,"≥3 – <4 months in arrears",null,0,0,0,0,0]
[null,"≥4 – <5 months in arrears",null,0,0,0,0,0]
[null,"≥5 – <6 months in arrears",null,0,0,0,0,0]
[null,"≥6 – <7 months in arrears",null,0,0,0,0,0]
[null,"≥7 – <8 months in arrears",null,0,0,0,0,0]
[null,"≥8 – <9 months in arrears",null,0,0,0,0,0]
[null,"≥9 – <10 months in arrears",null,0,0,0,0,0]
[null,"≥10 – <11 months in arrears",null,0,0,0,0,0]
[null,"≥11 – <12 months in arrears",null,0,0,0,0,0]
[null,"More than 12 months in arrears",null,0,0,0,0,0]
[null,"Total",null,53339,7380168089.7399998,59403.28,100,100]
[]
[]
[null,"Arrears Capitalised at 31 July 2025",null,"Number","Current Balance","Capitalised Amount"]
[null,null,null,null,"£","£"]
[]
[null,"Capitalisation cases (in month)",null,0,0,0]
[null,"Capitalisation cases (Total) *",null,18,1140570.9999999998,19540.499999999996]
[]
[null,"*Includes properties in possession cases, cases no longer in arrears but excludes any Loans repurchased from the Portfolio or Loans that have been redeemed since May 2008.  "]
[]
[null,"Losses on Properties in Possession at 31 July 2025",null,"Number","Loss Amount"]
[null,null,null,null,"£"]
[]
[null,"Total loss on sale brought forward",null,2234,71745264.419999972]
[null,"Losses recorded this period",null,0,0]
[null,"Total loss on sale carried forward",null,2234,71745264.419999972]
[null,"Recoveries*",null,0,0]
[]
[null,"*This figure represents all live cases and would therefore exclude cases that have been closed due to bankruptcy."]
[]
[null,"Properties in Possession at 31 July 2025",null,"Number","Current Balance"]
[null,null,null,null,"£"]
[]
[null,"Total properties in possession since inception",null,4539,530849819.09000033]
[]
[null,"Repossessed (in month)",null,0,0]
[null,"Sold (in month)",null,0,0]
[null,"Current number in possession",null,0,0]
[]
[null,"Total properties sold since inception",null,4539,530849819.09000033]

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[]
[null,"Product Breakdown",null,"Number","%","Current balance","%",null,"Substitution, redemptions and repurchases during period 01 July 2025- 01 August 2025","Number of loans","Current balance"]
[null,"(By Balance)",null,"of loans","by number","£","by balance",null,null,"this period","this period"]
[null,"Discounted SVR Loans",null,0,0,0,0,null,null,null,"£"]
[null,"Fixed Rate Loans",null,33497,62.800202478486653,6587323498.9799995,89.257093048297605,null,"Substitution & Top up",7877,1580909622.4800007]
[null,"Bank of England Base Rate Tracker Loans",null,15233,28.558840623183784,646914984.08000004,8.7655860437562279,null,"Redeemed this period",383,62683129.909999907]
[null,"Standard Variable Loans",null,4609,8.6409568983295522,145929606.68000001,1.9773209079461636,null,"Repurchases this period (including arrears)*",853,172371476.32999998]
[null,null,null,null,null,null,null,null,"Arrears repurchased this period*",28,2236246.09]
[null,"Total",null,53339,99.999999999999986,7380168089.7399998,100,null,"Cumulative arrears repurchased*",14859,1314613582.4524865]
[null,null,null,null,null,null,null,null,"* “Arrears” for this purpose means, in respect of a Loan, on any date that two or more Monthly Payments have become due and remain unpaid by the relevant Borrower, and this reporting line relates to repurchases under clause 8.11 of the Mortgage Sale Agreement."]
[]
[null,"Payment Type",null,"Number","%","Current balance","%"]
[null,"(By Balance)",null,"of loans","by number","£","by balance",null,"PPR/CPR Analysis 01 July 2025- 01 August 2025","1 Month","1 Month Annualised","3 Month Average ","3 Month Annualised","12 Month Average"]
[null,"Interest Only ",null,10496,19.677909222145146,991615651.82000005,13.436220418862224,null,null,"%","%","%","%","%"]
[null,"Repayment",null,42843,80.322090777854854,6388552437.9200001,86.56377958113778,null,"Total (including unscheduled repayments and repurchases from the Mortgages Trust)"]
[null,"Total",null,53339,100,7380168089.7399998,100,null,"Current month",4.1961539647219159E-2,0.40214573798183861,1.6777272207449401E-2,0.27001167740814513,0.22133156991728087]
[null,null,null,null,null,null,null,null,"Previous month",1.9732268939071096E-2,0.21270683942514357,1.5628697237543603E-2,0.18111653245657955,0.20919219679502099]
[null,null,null,null,null,null,null,null,"Unscheduled repayments and repurchases from the Mortgages Trust only"]
[null,"Use Of Proceeds",null,"Number","%","Current balance","%",null,"Current month",3.8965255303115127E-2,0.37931811526579839,1.4240495947397713E-2,0.25751446386960741,0.19485954948495846]
[null,"(By Balance)",null,"of loans","by number","£","by balance",null,"Previous month",1.7239022838976392E-2,0.18833869574381357,1.3069687424694915E-2,0.16310956055293857,0.18265575252382293]
[null,"Remortgage",null,23635,44.310916965072458,2697730376.8499999,36.553779589389265,null,"*As of February 2014 the definitions and calculations for PPR/CPR have been amended to align the reporting between all Santander UK secured funding structures."]
[null,"House Purchase",null,29704,55.689083034927535,4682437712.8900003,63.446220410610742,null,"** PPR/CPR rates excludes one off repurchase for compliance with STS"]
[null,"Unknown",null,0,0,0,0,null,"Standard Variable Rate - Applicable to underwritten Santander UK mortgages"]
[null,"Total",null,53339,100,7380168089.7399998,100]
[null,null,null,null,null,null,null,null,"Existing Borrowers SVR",6.7500000000000004E-2]
[null,null,null,null,null,null,null,null,"Effective date of change","2025-02-01"]
[null,"Analysis of Mortgage loan size at reporting date",null,"Number","%","Current balance","%",null,"Previous existing Borrowers SVR",7.0000000000000007E-2]
[null,"£",null,"of loans","by number","£","by balance",null,"Effective date of change","2024-11-01"]
[null,"0 to <=50,000",null,17490,32.790266034233859,147132440.03,1.993619091610465]
[null,">50,000 to <=100,000",null,6808,12.763643862839574,523032035.56,7.0869935372762791]
[null,">100,000 to <=150,000",null,7718,14.46971259303699,963860948.03999996,13.060148987391914]
[null,">150,000 to <=200,000",null,6604,12.381184499146967,1146092848.6300001,15.529359693355932]
[null,">200,000 to <=250,000",null,5086,9.535236881081385,1138685788.3,15.42899530815585]
[null,">250,000 to <=300,000",null,3451,6.4699375691332799,944237435.09000003,12.794253784039016]
[null,">300,000 to <=350,000",null,2238,4.1958041958041958,721939936.38,9.7821611594951303]
[null,">350,000 to <=400,000",null,1407,2.637844728997544,524621369.31,7.1085287344516583]
[null,">400,000 to <=450,000",null,862,1.6160782916815088,364355844.31999999,4.9369586151639542]
[null,">450,000 to <=500,000",null,622,1.1661260991019704,294817278.51999998,3.9947230867256067]
[null,">500,000 to <=550,000",null,426,0.79866514182868076,222299957.66999999,3.0121259430262044]
[null,">550,000 to <=600,000",null,268,0.50244661504715116,153601902.52000001,2.081279188390563]
[null,">600,000 to <=650,000",null,179,0.33558934363223908,111198195.84999999,1.5067163037192755]
[null,">650,000 to <=700,000",null,114,0.21372729147528075,76761529.109999999,1.0401054308873372]
[null,">700,000 to <=750,000",null,66,0.12373685295937306,47530580.409999996,0.64403113631080555]
[null,"> 750,000",null,0,0,0,0]
[null,"Total",null,53339,99.999999999999986,7380168089.7400007,100]
[null,"As at the report date, the maximum loan size was £748,485.78, and the average loan size was £138,363.45"]
[]
[]
[null,"Geographical Analysis By Region",null,"Number","%","Current balance","%"]
[null,null,null,"of accounts","by number","£","by balance"]
[null,"East Anglia",null,6422,12.039970753107482,961546429.52999997,13.028787662258717]
[null,"East Midlands",null,3622,6.7905285063462006,442356548.51999998,5.9938546540013027]
[null,"London",null,8144,15.268377734865672,1594588392.76,21.606396675122024]
[null,"North",null,1543,2.8928176381259494,124975343.69,1.6933942719237285]
[null,"North West",null,5483,10.279532799640039,566384738.61000001,7.6744151586112936]
[null,"Scotland",null,3832,7.1842366748532962,367785238.66000003,4.9834263147922009]
[null,"South East",null,9876,18.515532724648008,1607039892.6199999,21.7751123426867]
[null,"South West",null,4929,9.2408931551022704,666960829.76999998,9.0372037826240987]
[null,"Yorkshire and Humberside",null,3636,6.8167757175800068,384040004.85000002,5.2036755827268646]
[null,"Wales",null,2082,3.9033352706274957,206380304.03999999,2.7964173922666129]
[null,"West Midlands",null,3770,7.0679990251035827,458110366.69,6.2073161629864595]
[]
[null,"Total",null,53339,100,7380168089.7399998,100.00000000000001]

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[]
[null,"Remaining Term","Number","%","Current balance","%",null,"Indexed Current Loan to Value","Number","%","Current balance","%"]
[null,null,"of accounts","by number","£","by balance",null,"Using current capital balance and HPI indexed latest valuation ","of accounts","by number","£","by balance"]
[null,"0 to <5",12920,24.222426367198484,368209103.60000002,4.9891696113519259,null,">0% =<25%",17970,33.690170419392942,537046989.86000001,7.2768937418459245]
[null,">= 5 to < 10",8491,15.918933613303587,591765619.10000002,8.0183216954459322,null,">25% =<50%",14307,26.822775080147732,2133059355.45,28.902585002303745]
[null,">= 10 to < 15",5412,10.146421942668592,671349839.26999998,9.0966741015468031,null,">50% =<75%",14702,27.563321397101561,3213410288.6500001,43.541153122478633]
[null,">=15 to < 20",5582,10.465138079079098,997587449.13999999,13.517137238742006,null,">75% =<80%",1763,3.3052738146571925,404800349.13,5.4849746537989876]
[null,">= 20 to < 25",7105,13.320459701156754,1520168176.3399999,20.598015625868417,null,">80% =<85%",2473,4.6363823843716601,584006129.28999996,7.913181951802593]
[null,">= 25 to < 30",6322,11.852490672866008,1451924933.48,19.673331499027562,null,">85% =<90%",1725,3.2340313841654327,423033873.43000001,5.7320357515719307]
[null,">= 30 to < 35",5578,10.457638875869439,1316284387.5699999,17.835425583326682,null,">90% =<95%",373,0.69930069930069927,79148698.140000001,1.0724511579896598]
[null,">= 35 to < 40",1929,3.6164907478580401,462878581.24000001,6.2719246446906745,null,">95%",26,4.8744820862783332E-2,5662405.79,7.672461820851946E-2]
[null,">= 40 to < 45",0,0,0,0,null,"Unknown",0,0,0,0]
[null,">= 45",0,0,0,0,null,"Total",53339,100,7380168089.7400007,100]
[null,"Unknown",0,0,0,0,null,"As at the report date, the maximum indexed LTV was 98.27 %, and the weighted average indexed LTV was 56.45%"]
[null,"Total",53339,100,7380168089.7399998,99.999999999999986]
[null,"As at the report date, the maximum remaining term for a loan was 480 months,  and the weighted average remaining term was 269  months."]
[null,null,null,null,null,null,null,"Loan to Value at Last Valuation","Number","%","Current balance","%"]
[null,null,null,null,null,null,null,"Using current capital balance and unindexed latest valuation ","of accounts","by number","£","by balance"]
[null,"Seasoning","Number","%","Current balance","%",null,">0% =<25%",14735,27.625189823581241,349389777.38,4.7341709989739389]
[null,null,"of accounts","by number","£","by balance",null,">25% =<50%",11723,21.978289806708037,1599587547.71,21.674134359267054]
[null,"0 to <6",504,0.9448996044170308,113591009.5,1.5391385144454313,null,">50% =<75%",16621,31.161064136935451,3379088521.48,45.786064495978771]
[null,">= 6 to < 12",1472,2.7597067811545024,335753563.83999997,4.5494026661366798,null,">75% =<80%",2980,5.5869063911959351,582981585.73000002,7.8992995639282011]
[null,">= 12 to < 18",2914,5.4631695382365626,630184975.58000004,8.5388973247925204,null,">80% =<85%",3270,6.1305986238962102,686990539.45000005,9.308602881349854]
[null,">= 18 to < 24",3580,6.7117868726447814,750045026.87,10.162980270228829,null,">85% =<90%",3053,5.7237668497722121,631891058.52999997,8.5620144534168912]
[null,">= 24 to < 30",1405,2.6340951273927145,268926908.33999997,3.6439130527916497,null,">90% =<95%",870,1.6310766981008269,141200026.38999999,1.9132359137767878]
[null,">= 30 to < 36",5643,10.579500928026398,1231765031.22,16.690202936331694,null,">95%",87,0.16310766981008268,9039033.0700000003,0.12247733330852148]
[null,">= 36 to < 42",6371,11.94435591218433,1305012544.6199999,17.682694062676489,null,null,0,0,0,0]
[null,">= 42 to < 48",3337,6.2562102776579991,669457120.14999998,9.0710280851284057,null,"Total",53339,100,7380168089.7399988,100.00000000000001]
[null,">=48 to < 54",2144,4.0195729203772093,407562019.13,5.5223948042131683,null,"As at the report date, the maximum unindexed LTV was 115.72 %, and the weighted average unindexed LTV was  61.6%"]
[null,">=54 to < 60",1761,3.3015242130523634,330931266.56,4.4840613728034828]
[null,">= 60 to < 66",321,0.60181105757513265,47229070.289999999,0.63994572638065561]
[null,">= 66 to < 72",738,1.3836029921820807,118664655.98,1.6078855459263734,null,"Original Loan to Value at Last Valuation","Number","%","Current balance","%"]
[null,">= 72 to < 78",733,1.3742289881700069,115666099.90000001,1.5672556301366689,null,"Using original balance and valuation amount","of accounts","by number","£","by balance"]
[null,">= 78 to < 84",496,0.92990119799771265,71340236.439999998,0.96664785371457962,null,">0% =<25%",2536,4.754494834923789,163917078.56,2.2210480380234094]
[null,">= 84 to < 90",498,0.93365079960254227,65623628.520000003,0.88918880602774852,null,">25% =<50%",10161,19.049850953336207,1103342354.73,14.95009790175213]
[null,">= 90 to < 96",723,1.3554809801458596,85453631.530000001,1.1578819139471725,null,">50% =<75%",20980,39.333320834661315,2983205737.1100006,40.421921300915756]
[null,">= 96 to < 102",578,1.0836348637957218,75885792.969999999,1.028239357793183,null,">75% =<80%",4615,8.6522057031440411,746224221.32000005,10.111209016464139]
[null,">= 102 to < 108",122,0.22872569789459868,12097316.890000001,0.16391654963547292,null,">80% =<85%",4346,8.1478842872944757,631284728.28999996,8.5537987836296008]
[null,">= 108 to < 114",84,0.15748326740283844,9007896.8699999992,0.12205544318865701,null,">85% =<90%",6408,12.013723541873675,992108003.14999998,13.442891694150443]
[null,">= 114 to < 120",181,0.33933894523706859,17417841.640000001,0.23600873893664426,null,">90% =<95%",3990,7.4804552016348262,748042476.63999999,10.135846061283317]
[null,">= 120 to < 126",259,0.48557340782541858,26623632.91,0.36074561698686108,null,">95%",303,0.56806464313166727,12043489.939999999,0.16318720378121207]
[null,">= 126 to < 132",180,0.33746414443465383,15654330.5,0.21211346827943989,null,"Unknown",0,0,0,0]
[null,">= 132 to < 138",175,0.32809014042258011,13467171.300000001,0.18247783974896489,null,"Total",53339,100,7380168089.7399998,100.00000000000001]
[null,">= 138 to < 144",93,0.17435647462457116,7615648.8600000003,0.10319072367182759,null,"As at the report date, the maximum original LTV was 105.94% and the weighted average LTV at origination was 68.64%"]
[null,">= 144 to < 150",65,0.12186205215695832,4707109.59,6.3780520074385311E-2]
[null,">= 150 to < 156",165,0.30934213239843267,7545524.3200000003,0.10224054829442003]
[null,">= 156 to < 162",307,0.57556384634132618,10555665.85,0.14302744492601213]
[null,">= 162 to < 168",335,0.62805826880893911,15567999.560000001,0.21094369898759929]
[null,">= 168 to < 174",481,0.90177918596149165,21171783.16,0.2868739966699847]
[null,">= 174 to < 180",452,0.84740996269146407,20915176.5,0.28339702084938329]
[null,">= 180",17222,32.287819419186711,574728410.35000002,7.7874704662756189]
[null,"Total",53339,99.999999999999972,7380168089.7399998,100.00000000000001]
[null,"As at the report date, the maximum seasoning for a loan was 358  months, the minimum seasoning was 1  months and the weighted average seasoning was 54 months."]

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[]
[null,"LOAN NOTE REPORT"]
[]
[]
[null,"Closing Date","2021-10-15",null,null,null,null,null,null,"Series 2021-1 Z VFN Notes"]
[]
[null,"2021-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Updated Notional Since Issuance","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"Z VFN","n/a","n/a","n/a","n/a","GBP","-",63636364,493835636,557472000,"Compounded Daily SONIA Index",0,"-","15/07/2025 - 15/10/2025","2025-10-15","","N/A","2072-10-01","P-Through"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on 15/10/25. The information will be made available in the Interest Payment Date Investor Report on -October 2025"]
[]
[null,"Closing Date","2022-08-04",null,null,null,null,null,null,"Series 2022-1 Notes"]
[]
[null,"2022-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2510904324","XS2510903789 ","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",600000000,0,600000000,"Compounded Daily SONIA Index",7.3000000000000001E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2027-10-15","2054-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on 15/10/25. The information will be made available in the Interest Payment Date Investor Report on October 2025"]
[]
[null,"Closing Date","2023-02-14",null,null,null,null,null,null,"Series 2023-1 Notes"]
[]
[null,"2023-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2584654151","XS2584654235","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.7999999999999996E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-01-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on 15/10/25. The information will be made available in the Interest Payment Date Investor Report on October 2025"]
[]
[null,"Closing Date","2023-09-07",null,null,null,null,null,null,"Series 2023-2 Notes"]
[]
[null,"2023-2","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2669770773","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4000000000000003E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-07-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on Next coupon date. The information will be made available in the Interest Payment Date Investor Report on Next coupon date"]
[]
[null,"Closing Date","2024-01-11",null,null,null,null,null,null,"Series 2024-1 Notes"]
[]
[null,"2024-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2739601123","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4999999999999997E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2029-04-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on Next coupon date. The information will be made available in the Interest Payment Date Investor Report on Next coupon date"]
[]
[null,"Closing Date","2024-08-14",null,null,null,null,null,null,"Series 2024-2 Notes"]
[]
[null,"2024-2","ISIN (Reg S)","ISIN (144a)","Current Ratings\nMoody's/Fitch","Original Ratings\nMoody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2872265199","n/a","Aaa/AAA","Aaa/AAA","GBP","-",500000000,0,500000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2029-10-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on Next coupon date. The information will be made available in the Interest Payment Date Investor Report on Next coupon date"]
[]
[null,"Closing Date","2025-01-22",null,null,null,null,null,null,"Series 2025-1 Notes"]
[]
[null,"2025-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nMoody's/Fitch","Original Ratings\nMoody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS2951407803","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.3E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-01-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on Next coupon date. The information will be made available in the Interest Payment Date Investor Report on Next coupon date"]
[]
[null,"Closing Date","2025-07-08",null,null,null,null,null,null,"Series 2025-2 Notes"]
[]
[null,"2025-2","ISIN (Reg S)","ISIN (144a)","Current Ratings\nMoody's/Fitch","Original Ratings\nMoody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[]
[null,"A1","XS3109480551","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,"-","08/07/2025-15/10/2025","2025-10-15",null,"2028-07-15","2072-10-01","Sched AM"]
[]
[null,"*Coupon rate and interest due will not be known until 5 London Business Days prior to the Interest Payment Date on Next coupon date. The information will be made available in the Interest Payment Date Investor Report on Next coupon date"]

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[]
[null,"Combined Credit Enhancement","Total","Total","Current note","Subordination","Subordination % Required"]
[null,null,"£","%","subordination","+Reserve Fund"]
[]
[null,"Class A Notes",4850000000,0.89690709447963857,0.10309290552036146,0.13000011835475062,0.13]
[null,"Class B Notes",0,0,0,0,0]
[null,"Class Z Notes",557472000,0.10309290552036146,0,0.03]
[null,null,5407472000,1.0000000000000002]
[]
[]
[null,"Funding Reserve Fund Required Amount",145500000,0.03]
[]
[]
[]
[null,"Interest shortfall in period",0]
[null,"Cumulative interest shortfall",0]
[null,"Principal shortfall in period",0]
[null,"Cumulative principal shortfall",0]
[null,"Cumulative net loss",0]
[null,"Excess principal paid in current period",0]
[]
[]
[null,"Funding Reserve Fund"]
[]
[null,"Balance brought forward",145500000]
[null,"Drawings"]
[null,"Top up",0]
[null,"Balance carried forward",145500000]
[]
[]
[null,"Quarterly Excess Spread*","Excluding Z notes","Including Z notes"]
[null,null,"interest payment","interest payment"]
[null,"Quarterly Excess Spread annualised ",1.1315325300963575E-2,1.5769999123208422E-2]
[null,"*Quarterly Excess Spread is calculated at each quarterly Interest Payment Date"]
[null,"* Reserve Fund release has been removed from Excess Spread Calculation"]
[]
[null,"Funding Principal Ledger-AAA",0]
[null,"Funding Principal Ledger-AA",0]
[null,"Funding Principal Ledger-A",0]
[null,"Funding Principal Ledger- NR ",0]
[null,"Funding Principal Total Ledger ",0,null,null,null,null,null,null,null,null,null,"."]
[]
[null,"Accounts as at  31 July 2025","Counterparty",null,"Rate","Amount"]
[]
[null,"Mortgages Trustee GIC","Santander UK ",null,"BoE - 0.10%",296511260.41999984]
[null,"Funding GIC ","Santander UK ",null,"BoE - 0.10%",124980385.02]
[null,"Funding Transaction Account","Santander UK ",null,"BoE - 0.10%",97772.43]
[null,"Panel Banks","Bank of New York Mellon",null,"-",0]

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["WATERFALLS"]
[]
[null,"MORTGAGES TRUSTEE REVENUE WATERFALL",null,null,"FUNDING REVENUE WATERFALL",null,null,"ISSUER REVENUE WATERFALL"]
[null,"*for distribution period  01 July 2025- 01 August 2025"]
["(a)","Mortgages Trustee fees",0,"(a)","Funding Security Trustee fees",0,"(a)","Issuing Entity Security Trustee fees",0]
[null,"Other third party payments ",0,null,"Fee under Intercompany Loan",0,null,"Note Trustee fees",0]
[null,null,null,null,"Other third party payments",0,null,"Agent Bank fees etc.",0]
[null,null,null,null,"Profit to Funding ",0,null,"Issuing Entity profit ",0]
["(b)","Servicer fee",465893.31]
[]
[null,null,null,"(b)","Cash Manager fees",0,"(b)","Other third party payments",0]
["(c)","Funding",13518972.140000001]
[null,"Seller",5809089.9200000009]
[null,null,null,"(c)","Funding Corporate Services fees",0,"(c)","Issuing Entity Cash Manager fees",0]
[null,null,null,null,"Account Banks fees",null,null,"Issuing Entity Corporate Services Provider fees",0]
[null,null,null,null,null,null,null,"Issuing Entity Account Bank fees",0]
[]
[null,"MORTGAGES TRUSTEE PRINCIPAL WATERFALL",null,"(d)","Payment to Funding 1 Swap Provider",0]
[null,null,null,null,null,null,"(d)","Interest on Class A Notes",0]
[null,null,null,null,null,null,null,"(including any payments to Issuing Entity Swap Providers)",0]
["(a)","Funding",0,"(e)","Interest on AAA Term Advances",0,"(e)","Interest on Class B Notes",0]
[null,null,null,"(f)","Credit to AAA Principal Deficiency Ledger",0,null,"(including any payments to Issuing Entity Swap Providers)",0]
[null,null,null,null,null,null,"(f)","Interest on Class M Notes",0]
["(b)","Seller",253921105.41999999,null,null,null,null,"(including any payments to Issuing Entity Swap Providers)",0]
[null,null,null,"(g)","Interest on AA Term Advances",0,"(g)","Interest on Class C Notes",0]
[null,null,null,"(h)","Credit to AA Principal Deficiency Ledger",0,null,"(including any payments to Issuing Entity Swap Providers)",0]
[]
[null,null,null,"(i)","Interest on A Term Advances",0,"(h)","Interest on Class Z Notes",0]
[null,null,null,"(j)","Credit to A Principal Deficiency Ledger",0]
[]
[null,null,null,"(k)","Interest on BBB Term Advances",0,"(i)","Excluded issuer swap payments",0]
[null,null,null,"(l)","Credit to BBB Principal Deficiency Ledger",0]
[]
[]
[null,null,null,"(m)","Swap termination payments",0,null,"Surplus to Funding 1 pursuant to the Intercompany loan agreement ",0]
[]
[null,null,null,null,null,null,null,"ISSUER PRINCIPAL WATERFALL"]
[null,null,null,"(n)","Credit to First Reserve Fund",0]
[null,null,null,"(o)","Additional credit to First Reserve Fund",0,"(a)","Repayment of Class A Notes",0]
[null,null,null,"(p)","Credit to Liquidity Reserve Fund",0,null,"(including principal payments to class A swap providers)",0]
[null,null,null,null,null,null,"(b)","Repayment of Class B Notes",0]
[null,null,null,null,null,null,null,"(including principal payments to class A swap providers)",0]
[null,null,null,"(q)","Credit to NR Principal Deficiency Ledger",0,"(c)","Repayment of Class M Notes",0]
[null,null,null,null,null,null,null,"(including principal payments to class A swap providers)",0]
[null,null,null,null,null,null,"(d)","Repayment of Class C Notes",0]
[null,null,null,"(r)","Interest on NR Term Advances",0,null,"(including principal payments to class A swap providers)",0]
[null,null,null,null,null,null,"(e)","Repayment of Class Z Notes",0]
[]
[null,null,null,"(s)","Excluded swap payments (with respect to the Issuer) and other fees under the Intercompany Loan Agreement",0]
[]
[null,null,null,"(u)","Start up loan payments due",0]
[]
[]
[null,null,null,"(w)","Deferred Consideration",0]
[]
[]
[null,null,null,null,"FUNDING PRINCIPAL WATERFALL"]
[null,null,null,null,"* To be read in conjunction with rules on pgs. 208- 211 of the base prospectus"]
[]
[null,null,null,"(a)","Repayment of AAA Term Advances",0]
[]
[]
[null,null,null,"(b)","Credit to Cash Accumulation Ledger",0]
[]
[]
[null,null,null,"(c)","Repayment of AA Term Advances",0]
[null,null,null,"(d)","Repayment of A Term Advances",0]
[null,null,null,"(e)","Repayment of BBB Term Advances",0]
[]
[]
[null,null,null,"(f)","Repayment of NR Term Advances",0]

{"sheet":"Page 9","index":8,"n_rows":12,"n_cols":15,"rows_kept":12,"cut":false,"hidden":false,"merged":[]}
[null,"SWAP PAYMENTS"]
[]
[]
[null,"Note","Swap Counterparty","£ Notional","Receive Reference Rate","Receive Margin","Receive Rate","Interest Received","Principal Received","£ Notional","Pay reference rate","Pay margin ","Pay rate","Interest Paid","Principal Paid"]
[null,"Funding 1 Swap SONIA","SAN UK",0,"Compounded Daily SONIA",0,0,0,0,0,"N/A",0,0,0,0]
[]
[null,"COLLATERAL"]
[]
[]
[null,"Note","Collateral Postings","Counterparty"]
[]
[null,"There was no collateral posted during this period."]

{"sheet":"Page 10","index":9,"n_rows":54,"n_cols":3,"rows_kept":54,"cut":false,"hidden":false,"merged":[[21,1,22,1]]}
[null,"TRIGGER EVENTS"]
[null,"Asset "]
[null,"  Amount debited to AAA Principal Deficiency Sub Ledger, unless certain criteria are met.","None"]
[]
[null,"Non Asset "]
[null,"  Insolvency Event occurs in relation to Seller.","None"]
[null,"  Seller's role as Servicer terminated & is not appointed within 60 days.","None"]
[null,"  The then current Seller Share is less than the Minimum Seller Share.","None"]
[]
[]
[null,"An Arrears Trigger Event will occur if:"]
[]
[null,"(i) the Outstanding Principal Balance of the Loans in arrears for more than 90 days divided by the\nOutstanding Principal Balance of all of the Loans in the Mortgages Trust (expressed as a percentage)\nexceeds 2 per cent.; or","None"]
[null,"(ii) the Issuer does not exercise its option to redeem the Issuing Entity Notes on the relevant\nstep-up date pursuant to the Terms and Conditions of the Issuing Entity Notes (but only where such\nright of redemption arises on or after a particular specified date and not as a result of the occurrence\nof any event specified in the Terms and Conditions of the relevant Issuing Entity Notes).","None"]
[]
[null,"Full details of all Trigger Events can be found in the \"Trigger Tables\" section in the base prospectus available at https://www.santander.co.uk/about-santander/investor-relations/holmes-master-trust "]
[]
[null,"Definitions"]
[1,"Current value of mortgages"]
[null,"Total principal amount outstanding."]
[2,"Arrears"]
[null,"This arrears multiplier is calculated as the arrears amount ( which is the difference between the expected monthly repayments and the amount that has actually been paid, i.e.  a total of under and/or over payments ) divided by the monthly amount repayable.  It is recalculated every time the arrears amount changes, i.e.  on the date when a payment is due."]
[]
[3,"Defaults"]
[null,"For the purpose of the Bank of England Market Notice dated 30 November 2010 \"defaults\" is defined as properties been taken into possession."]
[4,"1 month CPR"]
[null,"On any trust calculation date, the total principal receipts received during the immediately preceding trust calculation period divided by the aggregate current balance of the loans comprised in the trust property calculated on the previous trust calculation date in respect of the previous trust calculation period."]
[5,"1 month annualised CPR"]
[null,"Calculated as 1 – ((1 – R) ^ 12) where R is (i) total principal receipts received scheduled and unscheduled during the relevant period, divided by (ii) the aggregate outstanding principal balance of the loans in the expected portfolio as at the start of that period."]
[6,"3 month average CPR"]
[null,"The total principal receipts received during the immediately preceding trust calculation period for the last 3 months divided by the average aggregate current balance of the last 3 months of the loans comprised in the trust property."]
[7,"3 month annualised CPR"]
[null,"Calculated as 1 – ((1 – R) ^ 4) where R is (i) total principal receipts received scheduled and unscheduled during the relevant period, divided by (ii) the average aggregate outstanding principal balance over the last 3 months of the loans in the expected portfolio as at the start of that period."]
[8,"12 month average CPR"]
[null,"The total principal receipts received during the immediately preceding trust calculation period for the last 12 months divided by the average aggregate current balance of the last 12 months of the loans comprised in the trust property."]
[9,"W"]
[null,"Savings balance."]
[10,"X"]
[null,"104.4%. of the aggregate of the FSCS excess amounts."]
[11,"Y"]
[null,"Flexible drawings set-off risk."]
[12,"Z"]
[null,"Breach of Mortgage Sale Agreement."]
[13,"AA"]
[null,"Reward loans cashbacks."]
[14,"Excess Spread calculation"]
[null,"After a review of the calculation and reporting, Excess Spread has been updated to include 4 reporting components: \n1. Quarterly including Z Notes 2. Quarterly excluding Z Notes 3. Monthly including Z Notes 4.  Monthly excluding Z Notes\nIn all cases Excess Spread is calculated by dividing excess cash available (pre and post Z Note payment) divided by a. Quarterly = the weighted average Funding Share for the relevant period and b. Monthly = the current Funding Share for the relevant period"]
[]
["Notes","Risk retention"]
[null,"Santander UK, in its capacity as originator, will (i) retain, on an on-going basis, a material net economic interest of not less than 5 per cent. in the nominal value of the securitised exposures in accordance with Article 6 of Chapter 2 and Chapter 4 of the PRA Securitisation Rules and SECN 5, and Article 6(3)(b) of the EU Securitisation Regulation, as applicable and (ii) agree not to hedge, sell or otherwise mitigate such risk. Any change to the manner in which such interest is held will be notified to noteholders in accordance with the conditions and the requirements of the UK securitisation framework and the EU Securitisation Regulation, as applicable. All capitalised terms used in this investor report have the meaning or descriptions assigned to them in the base prospectus of Holmes Master Issuer plc available at https://www.santander.co.uk/about-santander/investor-relations/holmes-master-trust."]
[]
[null,"All capitalised terms used in this investor report have the meaning or descriptions assigned to them in the the base prospectus of Holmes Master Issuer plc available at https://www.santander.co.uk/about-santander/investor-relations/holmes-master-trust."]
[]
[null," "]

{"sheet":"MoM Data Checks","index":10,"n_rows":248,"n_cols":21,"rows_kept":248,"cut":false,"hidden":false,"merged":[[239,1,239,4],[94,1,94,4],[148,1,148,4],[229,1,229,4],[1,1,1,4],[3,2,3,4],[29,1,29,4],[31,2,31,4],[33,2,33,4],[32,2,32,4]]}
[]
[null,"Page 3"]
[]
[null,null,"Reporting Period "]
[null,null,"01-July-25 to 31-July-25","00:00:00","Difference"]
[null,"Original number of Mortgage Loans in Pool",115191,115191,"OK"]
[null,"Original current value of Mortgage Loans in Pool",6399214137.6800003,6399214137.6800003,"OK"]
[null,"Current number of Mortgage Loans in Pool at  01 August 2024",53339,46698,6641,"Number of loans decreased due to natural amortisation of the pool"]
[null,"Current £ value of Mortgage Loans in Pool at  01 August 2024",7380168089.7399998,6051281901.3500004,1328886188.3899994,"Pool balance decreased by £1.3bn due to 25-2 assignment"]
[null,"Weighted Average Yield on  08 August 2024",3.6030788684864673E-2,3.4960410173518329E-2,1.070378511346344E-3]
[null,"Current value of Mortgage Loans in Pool at 01 August 2024",7380168089.7399797,6051281901.35005,1328886188.3899298,"OK"]
[null,"Last months Closing Trust Assets at 01 July 2024",6051281901.35005,6172019818.2000399,-120737916.84998989,"OK"]
[null,"Mortgage collections - Interest on 01 August 2024",19595439.09,18546821.84,1048617.25,"OK"]
[null,"Mortgage collections - Principal (Scheduled) on 01 August 2024",18866499.1800001,15658298.1,3208201.0800001007,"OK"]
[null,"Mortgage collections - Principal (Unscheduled) on 01 August 2024",235054606.23999989,106129656.85000001,128924949.38999988,"OK"]
[null,"Principal Ledger as calculated on 08 August 2024",0,0,0,"OK"]
[null,"Funding Share (Following an interim trust recalculation event) as calculated on 31 July 2024",4229308695.2108102,4571265000.5999975,-341956305.38918734,"OK"]
[null,"Funding Share % (Following an interim trust recalculation event) as calculated on 31 July 2024",0.69891119999999995,0.7406433,-4.173210000000005E-2,"OK"]
[null,"Seller Share (Following an interim trust recalculation event) as calculated on 31 July 2024",1821973206.13919,1600754817.6000023,221218388.53918767,"OK"]
[null,"Seller Share % (Following an interim trust recalculation event) as calculated on 31 July 2024",0.30108879999999999,0.2593567,4.1732099999999994E-2,"OK"]
[null,"Minimum Seller Share (Amount) 31 July 2024"]
[null,"W",79348010.069999993,81383821,-2035810.9300000072,"OK"]
[null,"X",56093056.508519903,55429084.117800005,663972.39071989805,"OK"]
[null,"Y",123149023.10160023,124331040.252,-1182017.1503997743,"OK"]
[null,"Z",0,0,0,"OK"]
[null,"AA",1994.0323541666701,2026.39,-32.357645833330025,"OK"]
[null,"W + X + Y + Z + AA =",302564095.06750005,308600990.91000003,-6036895.8424999714,"OK"]
[null,"Minimum Seller Share (% of Total) on 01 August 2024",0.05,0.05,0,"OK"]
[]
[null,"Page 6"]
[]
[null,null,"Month"]
[null,null,8]
[null,"Series 2021-1 Z VFN Notes"]
[null,null,"2021-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Updated Notional Since Issuance","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","Z VFN","n/a","n/a","n/a","n/a","GBP","-",63636364,493835636,557472000,"Compounded Daily SONIA Index",0,"-","15/07/2025 - 15/10/2025","2025-10-15","","N/A","2072-10-01","P-Through"]
[null,"01-June-25 to 30-June-25","Z VFN","n/a","n/a","n/a","n/a","GBP","-",63636364,493835636,557472000,"Compounded Daily SONIA Index",0,4.3166999999999997E-2,"15/04/2025 - 15/07/2025","2025-07-15",5143207.79,"N/A","2072-10-01","P-Through"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-",null,null,"-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[null,"Series 2022-1 Notes"]
[null,null,"2022-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2510904324","XS2510903789 ","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",600000000,0,600000000,"Compounded Daily SONIA Index",7.3000000000000001E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2027-10-15","2054-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2510904324","XS2510903789 ","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",600000000,0,600000000,"Compounded Daily SONIA Index",7.3000000000000001E-3,5.0466999999999998E-2,"15/04/2025 - 15/07/2025","2025-07-15",7549310.1399999997,"2027-10-15","2054-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[null,"Series 2023-1 Notes"]
[null,null,"2023-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2584654151","XS2584654235","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.7999999999999996E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-01-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2584654151","XS2584654235","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.7999999999999996E-3,4.8966999999999997E-2,"15/04/2025 - 15/07/2025","2025-07-15",9156158.2200000007,"2028-01-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[null,"Series 2023-2 Notes"]
[null,null,"2023-2","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2669770773","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4000000000000003E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-07-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2669770773","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4000000000000003E-3,4.8566999999999999E-2,"15/04/2025 - 15/07/2025","2025-07-15",9081363.6999999993,"2028-07-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[null,"Series 2024-1 Notes"]
[null,null,"2024-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nS&P/Moody's/Fitch","Original Ratings\nS&P/Moody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2739601123","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4999999999999997E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2029-04-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2739601123","n/a","AAA/Aaa/AAA","AAA/Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.4999999999999997E-3,4.8666999999999995E-2,"15/04/2025 - 15/07/2025","2025-07-15",9100062.3300000001,"2029-04-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[]
[null,"Series 2024-2 Notes"]
[null,null,"2024-2","ISIN (Reg S)","ISIN (144a)","Current Ratings\nMoody's/Fitch","Original Ratings\nMoody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2872265199","n/a","Aaa/AAA","Aaa/AAA","GBP","-",500000000,0,500000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2029-10-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2872265199","n/a","Aaa/AAA","Aaa/AAA","GBP","-",500000000,0,500000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,4.8166999999999995E-2,"15/04/2025 - 15/07/2025","2025-07-15",6004379.4500000002,"2029-10-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[]
[null,"Series 2025-2 Notes"]
[null,null,"2025-1","ISIN (Reg S)","ISIN (144a)","Current Ratings\nMoody's/Fitch","Original Ratings\nMoody's/Fitch","Currency","Applicable Exchange Rate","Original Balance","Repaid","Outstanding","Reference rate","Margin p.a.%","Current interest rate p.a.%","Accrual Period","Next coupon date","Interest next coupon","Step up Date","Legal Maturity","Bond Type"]
[null,"01-July-25 to 31-July-25","A1","XS2951407803","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.3E-3,"-","15/07/2025 - 15/10/2025","2025-10-15","","2028-01-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS2951407803","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.3E-3,4.8466999999999996E-2,"15/04/2025 - 15/07/2025","2025-07-15",9062665.0700000003,"2028-01-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-","previous month was an IPD month","-","-","previous month was an IPD month","-","-","-"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,"CHECK",null,null,"CHECK"]
[null,0]
[null,null,"Closing Date",45846,0,0,0,0,0,0,"Series 2025-2 Notes",0,0,0,0,0,0,0,0,0,0]
[null,"01-July-25 to 31-July-25","A1","XS3109480551","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,"-","08/07/2025-15/10/2025","2025-10-15",0,"2028-07-15","2072-10-01","Sched AM"]
[null,"01-June-25 to 30-June-25","A1","XS3109480551","n/a","Aaa/AAA","Aaa/AAA","GBP","-",750000000,0,750000000,"Compounded Daily SONIA Index",5.0000000000000001E-3,"-","08/07/2025-15/10/2025","2025-10-15","-","2028-07-15","2072-10-01","Sched AM"]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","-","-","-","-","-","-","-","-","-","-",null,"-","-",null,"-","-","-"]
[]
[]
[]
[]
[null,"Page 7"]
[]
[null,"Combined Credit Enhancement","01-July-25 to 31-July-25","01-June-25 to 30-June-25","Difference"]
[null,"Class A Notes"]
[null,"Total £",4850000000,4850000000,"OK"]
[null,"Total %",0.89690000000000003,0.89690000000000003,"OK"]
[null,"Current note subordination",0.1031,0.1031,"OK"]
[null,"Subordination +Reserve Fund",0.13,0.13,"OK"]
[null,"Subordination % Required",0.13,0.13,"OK"]
[null,"Class B Notes"]
[null,"Total £",0,0,"OK"]
[null,"Total %",0,0,"OK"]
[null,"Current note subordination",0,0,"OK"]
[null,"Subordination +Reserve Fund",0,0,"OK"]
[null,"Subordination % Required",0,0,"OK"]
[null,"Class Z Notes"]
[null,"Total £",557472000,557472000,"OK"]
[null,"Total %",0.1031,0.1031,"OK"]
[null,"Current note subordination",0,0,"OK"]
[null,"Subordination +Reserve Fund",0.03,0.03,"OK"]
[null,"Subordination % Required",0,0,"OK"]
[null,"Funding Reserve Fund Required Amount"]
[null,"Total £",145500000,145500000,"OK"]
[null,"Total %",0.03,0.03,"OK"]
[]
[null,"Interest shortfall in period",0,0,"OK"]
[null,"Cumulative interest shortfall",0,0,"OK"]
[null,"Principal shortfall in period",0,0,"OK"]
[null,"Cumulative principal shortfall",0,0,"OK"]
[null,"Cumulative net loss",0,0,"OK"]
[null,"Excess principal paid in current period",0,0,"OK"]
[]
[null,"Funding Reserve Fund"]
[null,"Balance brought forward",145500000,123000000,"OK"]
[null,"Drawings",0,0,"OK"]
[null,"Top up",0,22500000,"OK"]
[null,"Balance carried forward",145500000,145500000,"OK"]
[]
[null,"Quarterly Excess Spread"]
[null,"Excluding Z notes interest payment",1.1315325300963575E-2,3.0692148741216174E-2,"OK",null,"OK"]
[null,"Including Z notes interest payment",1.5769999123208422E-2,3.5081144984156376E-2,"OK",null,"OK"]
[]
[null,"Funding Principal Ledger-AAA",0,0,"OK"]
[null,"Funding Principal Ledger-AA",0,0,"OK"]
[null,"Funding Principal Ledger-A",0,0,"OK"]
[null,"Funding Principal Ledger- NR ",0,0,"OK"]
[null,"Funding Principal Total Ledger ",0,0,"OK"]
[]
[null,"Accounts"]
[null,"Mortgages Trustee GIC",296511260.41999984,163334359.59999993,133176900.8199999,"OK"]
[null,"Funding GIC ",124980385.02,153140264.71000001,-28159879.690000013,"OK"]
[null,"Funding Transaction Account",97772.43,97440.07,332.35999999998603,"OK"]
[null,"Panel Banks",0,0,0]
[]
[null,"Page 8"]
[]
[null,null,"01-July-25 to 31-July-25","01-June-25 to 30-June-25","Difference","Comments"]
[null,"Mortgages Trustee Revenue Waterfall"]
[null,"Mortgages Trustee fees",0,0,0,"-"]
[null,"Other third party payments ",0,0,0]
[null,"Servicer fee",465893.31,450864.49,15028.820000000007,"OK"]
[null,"Funding",13518972.140000001,13600918.689999999,-81946.549999998882,"OK"]
[null,"Seller",5809089.9200000009,4741566.91,1067523.0100000007,"OK"]
[]
[null,"Mortgages Trustee Principal Waterfall"]
[null,"Funding",0,0,0,"OK"]
[null,"Seller",253921105.41999999,121787954.95,132133150.46999998,"OK"]
[]
[null,"Funding Revenue Waterfall"]
[null,"Funding Security Trustee fees",0,1500,-1500,"OK",null,"OK"]
[null,"Fee under Intercompany Loan",0,228637,-228637,"OK",null,"OK"]
[null,"Other third party payments",0,0,0,"OK"]
[null,"Profit to Funding ",0,312.5,-312.5,"OK",null,"OK"]
[null,"Cash Manager fees",0,29375,-29375,"OK",null,"OK"]
[null,"Funding Corporate Services fees",0,18000,-18000,"OK",null,"OK"]
[null,"Account Banks fees",0,0,0,"OK"]
[null,"Payment to Funding 1 Swap Provider",0,0,0,"OK"]
[null,"Interest on AAA Term Advances",0,49953938.909999996,-49953938.909999996,"OK",null,"OK"]
[null,"Credit to AAA Principal Deficiency Ledger",0,0,0,"OK"]
[null,"Interest on AA Term Advances",0,0,0,"OK"]
[null,"Credit to AA Principal Deficiency Ledger",0,0,0,"OK"]
[null,"Interest on A Term Advances",0,0,0,"OK"]
[null,"Credit to A Principal Deficiency Ledger",0,0,0,"OK"]
[null,"Interest on BBB Term Advances",0,0,0,"OK"]
[null,"Credit to BBB Principal Deficiency Ledger",0,0,0,"OK"]
[null,"Swap termination payments",0,0,0,"OK"]
[null,"Credit to First Reserve Fund",0,0,0,"OK"]
[null,"Additional credit to First Reserve Fund",0,0,0,"OK"]
[null,"Credit to Liquidity Reserve Fund",0,0,0,"OK"]
[null,"Credit to NR Principal Deficiency Ledger",0,0,0,"OK"]
[null,"Interest on NR Term Advances",0,5143207.79,-5143207.79,"OK",null,"OK"]
[null,"Excluded swap payments (with respect to the Issuer) and other fees under the Intercompany Loan Agreement",0,312.5,-312.5,"OK",null,"OK"]
[null,"Start up loan payments due",0,35486261.009999998,-35486261.009999998,"OK",null,"OK"]
[null,"Deferred Consideration",0,0,0,"OK"]
[]
[null,"Funding Principal Waterfall"]
[null,"Repayment of AAA Term Advances",0,0,0,"OK"]
[null,"Credit to Cash Accumulation Ledger",0,0,0,"OK"]
[null,"Repayment of AA Term Advances",0,0,0,"OK"]
[null,"Repayment of A Term Advances",0,0,0,"OK"]
[null,"Repayment of BBB Term Advances",0,0,0,"OK"]
[null,"Repayment of NR Term Advances",0,0,0,"OK"]
[]
[null,"Issuer Revenue Waterfall"]
[null,"Issuing Entity Security Trustee fees",0,4800,-4800,"OK",null,"OK"]
[null,"Note Trustee fees",0,0,0,"OK"]
[null,"Agent Bank fees etc.",0,0,0,"OK"]
[null,"Issuing Entity profit ",0,312.5,-312.5,"OK",null,"OK"]
[null,"Other third party payments",0,176462.00000000003,-176462.00000000003,"OK",null,"OK"]
[null,"Issuing Entity Cash Manager fees",0,29375,-29375,"OK",null,"OK"]
[null,"Issuing Entity Corporate Services Provider fees",0,18000,-18000,"OK"]
[null,"Issuing Entity Account Bank fees",0,0,0,"OK"]
[null,"Interest on Class A Notes",0,49953938.909999996,-49953938.909999996,"OK",null,"OK"]
[null,"(including any payments to Issuing Entity Swap Providers)",0,0,0,"OK"]
[null,"Interest on Class B Notes",0,0,0,"OK"]
[null,"(including any payments to Issuing Entity Swap Providers)",0,0,0,"OK"]
[null,"Interest on Class M Notes",0,0,0,"OK"]
[null,"(including any payments to Issuing Entity Swap Providers)",0,0,0,"OK"]
[null,"Interest on Class C Notes",0,0,0,"OK"]
[null,"(including any payments to Issuing Entity Swap Providers)",0,0,0,"OK"]
[null,"Interest on Class Z Notes",0,5143207.79,-5143207.79,"OK",null,"OK"]
[null,"Excluded issuer swap payments",0,0,0,"OK"]
[null,"Surplus to Funding 1 pursuant to the Intercompany loan agreement ",0,12235.69,-12235.69,"OK",null,"OK"]
[]
[null,"Issuer Principal Waterfall"]
[null,"Repayment of Class A Notes",0,0,0,"OK"]
[null,"(including principal payments to class A swap providers)",0,0,0,"OK"]
[null,"Repayment of Class B Notes",0,0,0,"OK"]
[null,"(including principal payments to class A swap providers)",0,0,0,"OK"]
[null,"Repayment of Class M Notes",0,0,0,"OK"]
[null,"(including principal payments to class A swap providers)",0,0,0,"OK"]
[null,"Repayment of Class C Notes",0,0,0,"OK"]
[null,"(including principal payments to class A swap providers)",0,0,0,"OK"]
[null,"Repayment of Class Z Notes",0,0,0,"OK"]
[]
[null,"Page 9"]
[]
[null,"SWAP PAYMENTS"]
[null,null,"Note","Swap Counterparty","£ Notional","Receive Reference Rate","Receive Margin","Receive Rate","Interest Received","Principal Received","£ Notional","Pay reference rate","Pay margin ","Pay rate","Interest Paid","Principal Paid"]
[null,"01-July-25 to 31-July-25","Funding 1 Swap SONIA","SAN UK",0,"Compounded Daily SONIA",0,0,0,0,0,"N/A",0,0,0,0]
[null,"01-June-25 to 30-June-25","Funding 1 Swap SONIA","SAN UK",4638546022.9900007,"Compounded Daily SONIA",1.4334075537739265E-2,5.7501075537739262E-2,66455318.600000009,0,4571265000,"N/A",0,3.5458893735714425E-2,40411978.050476566,0]
[null,"Difference","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK","OK"]
[null,"Comments","-","-","This is an IPD month, so we didn’t have these payments last month",null,"This is an IPD month, so we didn’t have these payments last month","This is an IPD month, so we didn’t have these payments last month","This is an IPD month, so we didn’t have these payments last month",null,"This is an IPD month, so we didn’t have these payments last month",null,null,null,"This is an IPD month, so we didn’t have these payments last month","-"]
[null,null,null,null,"OK",null,null,null,"OK",null,null,null,null,null,"OK"]
[]
[null,"CPR & PPR"]
[null,null,"Current month","Previous month",null,"Explanation"]
[null,"Constant Pre-Payment Rate (%, current month)",3.8965255303115127E-2,{"$error":"#VALUE!"},null,"CPR has increased from 1.72%  to 3.9% due to an increase in repurchases of c.£100m - as per chart, large increase in reversions in July"]
[null,"Constant Pre-Payment Rate (1 Month Annualised)",0.37931811526579839,{"$error":"#VALUE!"},null,"Explained above "]
[null,"Constant Pre-Payment Rate (%, quarterly average) ",1.4240495947397713E-2,{"$error":"#VALUE!"},null,"Quarterly CPR (Jun25, Jul25 & Aug25) average has increased from 1.31% to 1.42%. This increased is due to the increase in repurchases QoQ"]
[]
[null,"Principal Payment Rate (%, current month)",4.1961539647219159E-2,{"$error":"#VALUE!"},null,"PPR has increased from 1.97%  to 4.2% due to an increase in repurchases of c.£100m"]
[null,"Principal Payment Rate (1 Month Annualised)",0.40214573798183861,{"$error":"#VALUE!"},null,"Explained above "]
[null,"Principal Payment Rate (%, quarterly average) ",1.6777272207449401E-2,{"$error":"#VALUE!"},null,"Quarterly PPR (Jun25, Jul25 & Aug25) average has increased from 1.56% to 1.68%. This increase is due to the increase in repurchases QoQ"]

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[]
[]
[null,"MARTA GONZALEZ DEPRIT"]
[null,"TARGOL RASHTCHI"]
[null,"ALVARO RUIZ DE ALDA"]
[null,"JAMIE WILSON ADAMS"]
[null,"MARTIN MCKINNEY"]