RNS Number:5269C
Mortgages No 2 PLC
15 October 2002


As Agent Bank, please be advised of the following rate determined on: 
15-OCT-2002.

Issue             :  MORTGAGES NO. 2 PLC - CLASS S - PRINCIPAL B
                     #6,130,500 MORTGAGE BACKED FRN DUE 15/12/2032
                     
ISIN Number       :  XS120238125
Issue Nominal GBP :  6,130,500.00
Period            :  15-OCT-2002  To  15-NOV-2002    Payment Date  15-NOV-2002 
Number of Days    :  31
Rate              :  7.9875            POOL FACTOR:  0.4227
Denomination GBP  :  211.35        10,000.00    100,000.00
Amount Payable
Per Denomination  :  1.43          68.70        686.96



Issue             :  MORTGAGES NO. 2 PLC - CLASS M
                     #11,500,000 MORTGAGE BACKED FRN DUE 15/12/2032
                     
ISIN Number       :  XS012027862
Issue Nominal GBP :  11,500,000.00
Period            :  15-OCT-2002  To  15-NOV-2002    Payment Date  15-NOV-2002 
Number of Days    :  31
Rate              :  4.8875            POOL FACTOR:  0.997607
Denomination GBP  :  9,976.07         10,000.00
Amount Payable
Per Denomination  :  41.41            58.43



Issue             :  MORTGAGES NO. 2 PLC - CLASS A DETACHABLE COUPONS
                     #190,000,000 MORTGAGE BACKED FRN DUE 2003
                     
ISIN Number       :  XS0120236186
Issue Nominal GBP :  190,000,000.00
Period            :  15-OCT-2002  To  15-NOV-2002    Payment Date  15-NOV-2002 
Number of Days    :  31
Rate              :  0.16986301369            POOL FACTOR:  0.320007
Denomination GBP  :  3,200.07            10,000.00
Amount Payable
Per Denomination  :  5.44                16.39



Issue             :  MORTGAGES NO. 2 PLC - CLASS B
                     #18,500,000 MORTGAGE BACKED FRN DUE 15/12/2032
                     
ISIN Number       :  XS0120229132
Issue Nominal GBP :  18,500,000.00
Period            :  15-OCT-2002  To  15-NOV-2002    Payment Date  15-NOV-2002 
Number of Days    :  31
Rate              :  6.8875        POOL FACTOR:  0.997607
Denomination GBP  :  9,976.07      10,000.00
Amount Payable
Per Denomination  :  58.36         75.37



Issue             :  MORTGAGES NO. 2 PLC - CLASS A
                     #190,000,000 MORTGAGE BACKED FRN DUE 15/12/2032
                     
ISIN Number       :  XS012022646
Issue Nominal GBP :  190,000,000.00
Period            :  15-OCT-2002  To  15-NOV-2002    Payment Date  15-NOV-2002 
Number of Days    :  31
Rate              :  4.4075         POOL FACTOR:  0.320007
Denomination GBP  :  3,200.07        10,000.00    
Amount Payable
Per Denomination  :  11.98           3.56







From:
Institutional    Telephone 44 (0) 1202 34 1286
Trust Services   Facsimile 44 (0) 1202 34 7438









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