Non-asset trigger event

    RNS Number : 5486I
  Granite Mortgages 04-2 PLC
  20 November 2008
   

    GRANITE MORTGAGES 04-2 PLC
(Registered in England and Wales under number 5057377)
    NOTICE OF OCCURRENCE OF NON-ASSET TRIGGER EVENT AND 
ARREARS OR STEP-UP TRIGGER EVENT
    US$1,120,400,000 Series 1 Class A1 Floating Rate Notes (ISIN: US38741WAA18; CUSIP: 38741WAA1)
    US$1,322,800,000, Series 1 Class A2 Floating Rate Notes (ISIN: US38741WAB90; CUSIP: 38741WAB9)
    US$40,300,000 Series 1 Class B Floating Rate Notes (ISIN: US38741WAC73; CUSIP: 38741WAC7)
    US$33,200,000 Series 1 Class M Floating Rate Notes (ISIN: US38741WAD56; CUSIP: 38741WAD5)
    US$73,500,000 Series 1 Class C Floating Rate Notes (ISIN: US38741WAE30; CUSIP: 38741WAE3)
    EUR1,340,000,000 Series 2 Class A1 Floating Rate Notes (ISIN: XS0193212825)
    £244,000,000 Series 2 Class A2 Floating Rate Notes (ISIN: XS0193213807)
    EUR92,000,000 Series 2 Class B Floating Rate Notes (ISIN: XS0193215414)
    EUR53,500,000 Series 2 Class M Floating Rate Notes (ISIN: XS0193216578)
    EUR89,000,000 Series 2 Class C Floating Rate Notes (ISIN: XS0193217030)
    £752,100,000 Series 3 Class A Floating Rate Notes (ISIN: XS0193218350)
    £38,900,000 Series 3 Class B Floating Rate Notes (ISIN: XS0193218863)
    £26,500,000 Series 3 Class M Floating Rate Notes (ISIN: XS0193219754)
    £48,500,000 Series 3 Class C Floating Rate Notes (ISIN: XS0193220927)
    Reference is made to:
    (1)    the mortgages trust deed dated 26 March, 2001 made between, among others, Northern Rock plc, Granite Finance Trustees Limited,
Granite Finance Funding Limited and Granite Finance Funding 2 Limited, as amended, varied or supplemented from time to time (the "Mortgages
Trust Deed"); and
    (2)    the master definitions schedule ninth amendment deed dated 22 September, 2004 made between, among others, Granite Mortgages 04-2
PLC, Granite Finance Trustees Limited, Granite Finance Funding Limited, The Bank of New York Mellon (then known as The Bank of New York) and
Northern Rock plc, as amended, varied or supplemented from time to time (the "Master Definitions Schedule").
    NOTICE IS HEREBY GIVEN of the occurrence of a "Non-Asset Trigger Event" due to the Current Seller Share being less than the Minimum
Seller Share on two successive Distribution Dates. The impact of this, including amendments to the relevant priorities of payment and the
timing of payments of interest and principal due to noteholders, are detailed in the Mortgages Trust Deed and, to the extent not superseded,
the offering document which is available on Northern Rock plc's website at http://companyinfo.northernrock.co.uk/treasury/securitisation/.

    NOTICE IS ALSO HEREBY GIVEN of the occurrence of an "Arrears or Step-Up Trigger Event" due to the Outstanding Principal Balance of the
Mortgage Loans in arrears for more than 90 days divided by the Outstanding Principal Balance of all of the Mortgage Loans in the Mortgages
Trust (expressed as a percentage) exceeding 2%. The impact of the foregoing is the requirement to credit additional amounts to the Issuer
Reserve Fund.

    Copies of the Transaction Documents are available for inspection at Citibank N.A., London Branch (as the Principal Paying Agent) at
Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB and Sidley Austin LLP, Woolgate Exchange, 25 Basinghall Street, London EC2V
5HA.

    Unless otherwise defined herein, capitalised terms used in this notice shall have the meanings given to them in the Master Definitions
Schedule.
    Granite Mortgages 04-2 PLC
Dated 20 November, 2008


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