Together Financial Services has completed the successful pricing of its second residential mortgage-backed securitisation (RMBS) of 2025.
The £367mn transaction, Together Asset Backed Securitisation 14 2025 – 1ST1 PLC (TABS14), is backed solely by first-charge owner-occupied and buy-to-let loans secured against residential property in England, Scotland and Wales. It refinances assets from the group’s £1.2bn Kingsway facility as well as its senior secured notes.
The deal achieved a weighted average cost of 0.81%, with a 95% advance rate. Around 90% of the issued notes are expected to be rated AAA(sf) by both S&P and Fitch.
Richard Rowntree (main picture), Together’s chief executive, said: “The successful pricing of TABS14 is another meaningful step on our journey to giving people a fair chance to turn their home ownership ambitions into reality.”
HIGH QUALITY LOAN BOOK
Gary Beckett, group managing director and chief treasury officer, added: “Since July 2024, we have successfully raised or refinanced over £5 billion across ten transactions.
“The successful pricing of TABS14 reflects the high quality of our loan book, the strength of our business model and the continued confidence and support from our investors.”
The transaction adds to Together’s existing seven public residential and four commercial RMBS deals, as well as six private securitisation facilities, senior secured notes and a banking syndicate revolving credit facility.
Lloyds acted as arranger and joint lead manager on the deal, alongside MUFG, Natixis, NatWest, SMBC and Wells Fargo as joint lead managers.
Yesterday Mortgage Soup revealed how Together Financial Services reported a record loan book and higher profits for the year to June 30 as the specialist lender continued to expand despite a mixed outlook for the UK economy.
The Manchester-based group grew its loan book by 7.2% to £7.9 billion, while underlying profit before tax rose 7% to £216.1 million. Interest income climbed nearly 12% to £868.1 million, with net interest margin stable at 5.5%.
