Together unveils £425m support for residential market

Cheadle-based mortgage and specialist loan provider, Together, has unveiled a boost for the residential owner occupier and buy-to-let sector with its eighth residential mortgage backed securitisation (RMBS) since 2017, worth £425.5m.

The first charge only RMBS is the company’s 11th mortgage backed securitisation overall.

Placed notes are priced at a weighted average cost of 1.65% with an advance rate of 93.8%, and 86.0% of issued notes are expected to be rated AAA(sf) by Fitch and AAA(sf) by S&P.

Gerald Grimes, group CEO designate of Together, said: “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, said: “TABS8 is our eighth RMBS and our 11th public securitisation overall since 2017, underlining the quality of our loan book and the ongoing strong support from our funding partners.”

Over the past 12 months, Together has raised or refinanced more than £1.6bn of facilities across four transactions as it continues to diversify and extend its funding profile.

TABS8 is supported by a portfolio of first charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the group’s AA rated £1.25bn Charles Street facility (CABS) and the group’s senior secured notes.

The new facility complements the group’s existing five public residential and three commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).

BNPP acted as arranger and joint lead manager accompanied by Barclays and Natixis as joint lead managers.