RNS Number:2146G
Mortgages No 2 PLC
15 January 2003


As Agent Bank, please be advised of the following rate determined on: 
15-Jan-2003.

Issue             :  Mortgages No.2 plc - Class S - Principal B
                     #6,130,500 Mortgage Backed FRN due 15/12/2032
ISIN Number       :  XS0120238125
Issue Nominal GBP :  6,130,500.00
Period            :  15-Jan-2003  To  17-Feb-2003    Payment Date  17-Feb-2003
Number of Days    :  33
Rate              :  8.02625               Pool Factor: 0.2407
Denomination GBP  :  120.35     10,000.00      100,000.00
Amount Payable
Per Denomination  :  0.87       68.70          686.96

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


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