Together Asset Backed Securitisation 2021-1ST1 plc

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 June 2021) the Provisional Portfolio comprised 3,000 variable rate first-ranking mortgage loans with an aggregate Principal Balance of £332,923,279. The average current principal balance is £110,974 and the largest loan is for £1.851mln. Customer type: owner occupied – 51.5%, BTL 48.5%. Mortgage legal charge (by current balances): Mortgage type: interest only – 53.0%, repayment – 47.0%. Additionally, self-employed borrowers account for 42.5% of current balances and only 81.5% (by current balances) were subject to a full property valuation. The WA current LTV is 56.7% (original LTV 58.0%) and the WA seasoning is 26.0 months. Regional concentration: Greater London – 22.7%, South East – 16.7%, North West – 13.2% and the West Midlands – 10.9%.

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 each Seller holding the first loss tranche, in this case an interest in the Class Z Notes in proportion to the total securitised exposures for which each Seller is the originator.

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 2020-1, Polaris 2021-1 plc, Blitzen Securities No.1 plc