Together Asset Backed Securitisation 2025-2ND1 PLC

A stand-alone transaction, where the Issuer will make payments on the Notes from payments of principal and revenue received from a portfolio comprising second ranking 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 November 2024) the Provisional Portfolio comprised 3,117 variable rate second-ranking mortgage loans (advanced to 3,009 borrowers) with an aggregate Principal Balance of £286.3mln. The average current principal balance per loan is £95,154 and the largest loan is for £3.015mln. Customer type: owner occupied – 58.8%, BTL 41.2%. Mortgage legal charge (by current balances): Mortgage type: interest only – 56.5%, repayment – 43.5%. Interest rate type: Fixed – 72.1%, floating – 27.9%. Additionally, self-employed borrowers account for 66.9% of current balances, and only 73.4% (by current balances) were subject to a full property valuation. The WA current LTV is 60.5% (original LTV 61.0%) and the WA seasoning is 21.13 months. Regional concentration: Greater London – 38.3%, Outer Metropolitan – 16.5%, outer South East – 10.6% and the North West – 9.1%.

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 Debt.

US Risk Retention: On the Closing Date, Together Financial Services Limited, as "sponsor" for the purposes of the US Risk Retention Rules, intends to satisfy the requirements of the US Risk Retention Rules by acquiring on the Closing Date and, to the extent required, retaining through the Sunset Date, either directly and/or through one or more of its majority-owned affiliates, an eligible vertical interest equal to a minimum of at least 5% of the aggregate "ABS interests" of the Issuer being, cumulatively, 5% of the Principal Amount Outstanding of each Class of Debt and 5% of the Residual Certificates.

Compare/contrast: Together Asset Backed Securitisation 2024-2ND1 plc, Elstree Funding No.5, Kenrick No.4 plc