Equity Release Funding (No.4) PLC Equity Release Funding(No.4) Data Update (3979T)

TIDM68VY

RNS Number : 3979T

Equity Release Funding (No.4) PLC

17 July 2020

17 July 2020

Equity Release Funding (No.4) PLC

(the "Issuer")

   Re:       GBP125,000,000 Class A1 Mortgage Backed Floating Rate Notes due 2039 (XS0197423188) 

GBP215,000,000 Class A2 Mortgage Backed Floating Rate Notes due 2039 (XS0197423345)

GBP61,000,000 Class B Mortgage Backed Floating Rate Notes due 2049 (XS0197423774)

GBP16,500,000 Class C Mortgage Backed Deferrable Interest Floating Rate Notes due 2049 (XS0197424236)

GBP1,000,000 Class D Mortgage Backed Deferrable Interest Floating Rate Notes due 2049 (XS0197424400)

The Issuer notes that the Halifax House Price Index (the "Index") was rebased in September 2019. The Weighted Average Indexed LTV (the "LTV") outlined in the Issuer's quarterly investor reports are calculated using the Index. The Issuer has today published a restated version of the quarterly Investor Report dated 23 April 2020, which reflects changes to the LTV statistics as a result of the rebase of the Index.

In addition, following a review of the data and process used to produce the Issuer's quarterly Investor Reports, a number of corrections have been made, which are shown in the restated Investor Report. The Issuer has noted in the restated Investor Report all fields which have been restated. The document is available at www.erfunding.co.uk.

All changes are shown in the restated Investor Report. However, the Issuer notes in particular the following changes:

 
                               Voluntary Repayment Rate (%)   Time to sale (days)   Weighted Average Indexed LTV (%)* 
 Published on 23 April 2020    1.34                           265                   48.1 
                              -----------------------------  --------------------  ---------------------------------- 
 Restated on 17 July 2020      1.68                           290                   49.7 
                              -----------------------------  --------------------  ---------------------------------- 
 Change                        0.34                           25 
                              -----------------------------  --------------------  ---------------------------------- 
 

* The Indexed LTVs are calculated using Halifax House Price Index. The index was rebased in Sep-19 and this shows LTVs on the new basis.

All processes that were previously used to generate the statistics have been reviewed, corrected and tested to ensure the issue has been fully resolved. The corrections do not affect the amounts of any payments which have been made under the Notes or to other parties to the securitisation transactions.

This announcement has been shared with Credit Rating Agencies that provide ratings for the Issuer's Portfolio.

This notice is given by:

Equity Release Funding (No.4) PLC

17 July 2020

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July 17, 2020 11:29 ET (15:29 GMT)