i dont think it matters if it comes out underneath the car in the middle after all it goes past the fuel tank anyways and the pipe will get hotter than what comes out of the exhaust(Y)(Y) you may run into probs with the emitions for the mot but there is ways of getting round that
As far as the MOT goes,
The pipe has to be accessible to check the emissions (Which means out the side or the back)
The noise emitted cannot be excessively louder than the standard car (No measurable limits but if the tester thinks its too loud you fail)
If you route the exhaust so it interferes with the brakes or steering it fails
Or if the exhaust is likely to fall off you will fail.
Although for common sense reasons its better to have the tailpipe well past any opening windows etc. or you will die.