Together Financial Services has announced the pricing of its £499.4 million first charge only residential mortgage backed securitisation (RMBS), Together Asset Backed Securitisation 2022 – 1ST1 PLC RMBS (TABS7).

It is its seventh successful RMBS since 2017 and tenth mortgage backed securitisation overall.

Placed notes were priced at a weighted average cost of 1.60% with an advance rate of 92.62%.

89% of issued notes are expected to be rated AAA(sf) by Moody’s, AAA(sf) by S&P and AAA(sf) by KBRA

Gerald Grimes, group CEO designate of Together, said: “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.”