Together prices inaugural 2second charge only RMBS

Together Financial Services Limited (“Together” or the “Group”), one of the UK’s leading mortgage and specialist loan providers, announces the pricing of its inaugural 2nd charge only Owner Occupied and Buy to Let mortgage backed securitisation (“RMBS”), the £349 million Together Asset Backed Securitisation 2022 – 2ND PLC RMBS (“TABS 2ND1”).


  • £349m inaugural 2nd charge only RMBS
    • Sixth successful issuance in ‘TABS’ RMBS programme since 2017
    • Eighth mortgage backed securitisation facility (“MBS”) overall
  • Priced at weighted average cost of1.96% with91.6% advance rate
    • 73.5% of issued notes expected to be rated AAA(sf) by S&P, AAA(sf) by DBRS and AAA(sf) by KBRA

Gerald Grimes, Group CEO Designate of Together commented: “We are delighted to announce the pricing of our inaugural 2nd charge only RMBS. TABS 2ND1 is another exciting issuance for Together and will provide significant additional headroom to increase our residential lending as we continue to shape our business for an exciting future.”

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, added: “This is our fourth funding transaction since January and our eighth public MBS since 2017, underlining the quality of our loan book and the continued support for the Together growth story. TABS 2ND1 will provide further depth to our funding profile and raise additional liquidity to support the Group’s future growth ambitions.”

Over the past 17 months, Together has raised or refinanced over £5bn of facilities across 12 transactions, including senior secured note issuances and private and public securitisations, as we continue to diversify and extend our funding profile to support our growth ambitions. TABS 2ND1 is supported by a portfolio of 2nd 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 £1.25 billion Charles Street facility (“CABS”). TABS 2ND1 complements the Group’s existing five public residential and two commercial real estate MBS transactions, five private securitisation facilities, senior secured notes and banking syndicate facility (RCF).

Lloyds, BNPP and Citibank acted as Joint Lead Arrangers accompanied by Natixis as Joint Lead Managers on TABS 2ND.

Together intends to announce its results for the quarter to 31st March 2022 on 27th May 2022.