Cheadle lender announces largest ever mortgage backed securitisation

Cheadle specialist lender, Together, has announced the pricing of its largest ever mortgage backed securitisation at £499.4 million.

The pricing of Together’s 1st charge only residential mortgage backed securitisation (RMBS) is the Cheadle based lender’s seventh successful RMBS since 2017. TABS7 is the lender’s tenth mortgage backed securitisation overall.

Placed notes were priced at a weighted average cost of 1.60%, and 89% of issued notes are expected to be rated AAA by credit ratings agencies Moody’s, S&P and KBRA.

Gerald Grimes, Group CEO Designate of Together commented:

“We are excited to announce the pricing of our largest ever mortgage backed securitisation which will provide significant additional funding to support our residential owner occupier and buy-to-let customers in realising their ambitions.”

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, added:

“TABS7 is our tenth public MBS since 2017 and our sixth successful funding transaction since January, as we continue to add further strength and diversity to our funding platform. We would like to thank our funding partners who continue to show strong support for the Together growth story.”

The successful TABS7 securitisation means the business has raised or refinanced over £5.9 billion of facilities in the past 19 months as part of a diversification and extension of the Cheadle lender’s funding profile. TABS7 is supported by a portfolio of both owner-occupier and buy-to-let residential mortgages on properties across Great Britain.

BNPP & Lloyds acted as Co-arrangers and Joint Lead Managers accompanied by NatWest Markets as
a Joint Lead Manager on TABS7.

Together is expected to announce its results for the year to 30th June 2022 on 20th September.