Together securitisation gains Fitch final ratings in UK mortgage funding push
UK mortgage-backed funding activity continues to support lenders seeking broader capital markets access through structured finance. Fitch Ratings has assigned final ratings to notes issued by Together Asset Backed Securitisation 2026-1 CRE 6 PLC, a limited-recourse securitisation backed by residential mortgage loans in the UK.
Highlights
- Fitch granted final ratings to Together's UK mortgage-backed securitisation, boosting the lender's access to capital markets with robust credit enhancement.
- The transaction supports Together's strategy to expand flexible mortgage lending while upholding strong underwriting amid increased use of securitisation in the UK.
- Fitch noted the securitisation's favourable performance metrics align with prior structured finance deals, indicating consistent credit characteristics for this issuance.
Transaction structure and rating support
As reported by Fitch Ratings, the issuance is designed to improve funding for Together and broaden the lender's access to capital markets through a securitisation of mortgage loans secured by UK residential properties.The notes benefit from what Fitch describes as robust credit enhancement, while an experienced management team oversees loan origination and servicing. The agency says it has closely reviewed both the underlying asset pool and the management team's track record in assessing the final ratings.
Capital markets implications for Together
This transaction marks a further step in Together's strategy to offer more flexible lending products while maintaining strong underwriting standards. The deal also reinforces the role of securitisation in supporting non-bank and specialist lenders in the UK mortgage market.Fitch says its analysis points to favourable performance metrics that are consistent with its previous assessments of similar structured finance transactions. That suggests the issuer enters the market with credit characteristics that fit established rating expectations for comparable deals.
Our earlier coverage of Morningstar DBRS’s credit assessment of the Shadowbrook Properties mortgage loan outlined a BBB (high) rating with a Stable trend for a $30.5 million interest-only loan backed by a 296-unit multifamily property in Modesto, California. We highlighted the key credit metrics supporting the assessment, including a 71.3% loan-to-value ratio, 2.4x debt service coverage, and a 10.9% debt yield, alongside ongoing property upgrades and continued surveillance of performance.
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