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First Flexible (No. 1) PLC - June 1997

Issuer First Flexible (No.1)  PLC, St Catherine's Court, Herbert Road, Solihull, West Midlands, B91 3QE
Closing Date 12 November 1999
Originator Mortgage Trust Limited, St Catherine's Court, Herbert Road, Solihull, West Midlands, B91 3QE
Notes Issued Class A Class B
  £276,000,000 £24,000,000
Margins 31bp 85bp
Step Up Dates November 2006 November 2006
Step Up Margins 62bp 170bp
Optional Redemption Dates November 2005 November 2005
Determination Dates 8 business days prior to each Interest Payment Date
Interest Payment Dates Last business day of the month
Lead Manager J.P. Morgan Securities Ltd, 60 Victoria Embankment, London, EC4Y 0JP
Servicer Mortgage Trust Limited, St Catherine's Court, Herbert Road, Solihull, West Midlands, B91 3QE
Trustee Citicorp Trustee Company Limited, Citigroup Centre, 14th Floor, Canada Square, Canary Wharf, London, E14 5LB
Rating Agencies Standard & Poors, 20 Canada Square, Canary Wharf, London, E14 5LH
Fitch Ratings Limited, 4th Floor, 101 Finsbury Pavement, London, EC2A 1RS
Principal Paying / Reference Agent Citibank N.A., 5 Carmelite Street, London, EC4Y 0PA
Legal Advisors to the Issuer/Administrator Lovell White Durrant, 65 Holburn Viaduct, London, EC1A 2DY
Legal Advisors to the Lead Managers and Trustee Weil, Gotshal & Marges, One South Place, London, EC2M 2WG
Auditors to the Issuer KMPG Audit Plc, 1 The Embankment, Neville Street, Leeds, LS1 4DW
Underlying Assets First Charged Residential Owner Occupied Mortgages
Start Up Loan Provider Paragon Finance PLC, St. Catherine's Court, Herbert Road, Solihull, West Midlands, B91 3QE
Stand By Servicer First Activw Plc, Central Park, Leopardstown, Dublin 18
SWAP Counterparty Morgan Guaranty Trust Company of New York, 60 Victoria Embankment, London, EC4Y 0JP
Redraw Facility Provider Barclays Bank PLC, 54 Lombard Street, London, EC3V 9EX
GIC Provider Barclays Bank PLC, 54 Lombard Street, London, EC3V 9EX
Substitution Period November 1999 to November 2002
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