Cheadle lender prices residential mortgage backed securitisation

Cheadle specialist lender, Together, has announced the pricing of its £425.5 million residential mortgage backed securitisation (RMBS).

The 1st charge only RMBS is the lender’s eighth successful securitisation since 2017, and only Together Group’s eleventh mortgage backed securitisation overall.

Placed notes were priced at a weighted average cost of 1.66%, and 86% of issued notes are expected to be rated AAA by credit ratings agencies Fitch and S&P.

Gerald Grimes, Group CEO Designate of Together commented:

“We are delighted to announce the pricing of our TABS8 residential mortgage backed securitisation which will further support our residential owner occupier and buy-to-let customers in realising their property ambitions.”

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

“TABS8 is our eighth RMBS and our eleventh public securitisation overall since 2017, underlining the
quality of our loan book and the ongoing strong support from our funding partners.”

The successful TABS8 securitisation means the business has raised or refinanced over £1.6 billion of facilities in the past 12 months as part of a diversification and extension of the Cheadle lender’s funding profile. TABS8 is supported by a portfolio of both owner-occupier and buy-to-let residential mortgages on properties across Great Britain, and refinances assets forming part of the Together’s £1.25 billion Charles Street facility.

BNPP acted as arrangers and Joint Lead Managers accompanied by Barclays and Natixis as
a Joint Lead Manager on TABS8.