RNS Number:2382N
Mortgages No 2 PLC
15 November 2001

LETTER TO:  COMPANY ANNOUNCEMENTS OFFICE

As Agent Bank, please be advised of the following rate determined on: 
15-NOV-2001.

Issue             : MORTGAGES NO 2 PLC - CLASS S - PRINCIPAL A
                    #6,130,500 MORTGAGE BACKED FRN DUE 15/12/2032 
                     
ISIN NO           : XS0120238125
Issue Nominal GBP : 6,130,500.00 
Period            : 15-NOV-2001  To  17-DEC-2001    Payment Date  17-DEC-2001 
Number of Days    : 32 
Rate              : 7.92844      POOL FACTOR: 0.19
Denomination GBP  : 95.00    10,000.00    100,000.00
Amount Payable
Per Denomination  : 0.66      80.75        807.45

From:  JP Morgan



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