J.P. Morgan & Co. is in the market with the first U.K. securitization of flexible mortgages, a product which allows borrowers to prepay their mortgages without penalty and redraw on the mortgages at a later date.

The GBP300 million ($485.9 million) transaction, called First Flexible, is also the first securitization of U.K. mortgages from the Irish bank First Active, a bank that has previously issued deals backed by its Irish mortgage portfolio in the Celtic series. It is split into a GBP276 million chunk rated triple-A by Standard and Poor's Ratings Group and Fitch IBCA and a single-A piece worth GBP24 million.

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