Together Asset Backed Securitisation 2022-1ST1 : 03 August 2022
The Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising mortgage loans and their related security originated by the Sellers and secured over residential properties located in England, Wales and Scotland.
As at the Portfolio Reference Date (30 April 2022) the Provisional Portfolio comprised 3,235 variable rate first-ranking mortgage loans with an aggregate Principal Balance of £517,272,620. The average current principal balance is £159,899 and the largest loan is for £1.851mln. Customer type: owner occupied – 26.7%, BTL - 73.3%. Mortgage legal charge (by current balances): Mortgage type: interest only – 67.5%, repayment – 32.5%. Additionally, self-employed borrowers account for 55.4% of current balances and only 72.2% (by current balances) were subject to a full property valuation. The WA current LTV is 61.7% (original LTV 62.1%) and the WA seasoning is 7.7 months. Regional concentration: Greater London – 25.9%, North West – 13.7%, the West Midlands – 10.9% and Outer Metropolitan – 8.9%.
UK & EU Risk Retention: The Sellers will, as originators for the purposes of (i) the UK Securitisation Regulation and (ii) the EU Securitisation Regulation, as if it were applicable to it, retain on an ongoing basis a material net economic interest of not less than 5% in the securitisation. As at the Closing Date, such interest will be satisfied by the Sellers collectively holding no less than 5% of the nominal value of each Class of Notes.
US Risk Retention: The Sellers, as sponsors under the US Risk Retention Rules, do not intend to retain at least 5% of the credit risk of the securitised assets for purposes of compliance with the final rules promulgated under Section 15G of the Securities Exchange Act of 1934.
Compare/contrast: Together Asset Backed Securitisation 2021-1ST1, Together Asset Backed Securitisation 2022-2ND1 plc, Lanark Master Issuer 2022-1