FRN Variable Rate Fix

RNS Number:4491C
Mortgages No 1 PLC
14 October 2002


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

Issue             :  Mortgages No.1 plc - Class A
                     #154,000,000 Mortgage Backed FRN due April 2033
ISIN Number       :  XS0111091368
Issue Nominal GBP :  154,000,000.00
Period            :  14-Oct-2002  To  13-Jan-2003    Payment Date  13-Jan-2003
Number of Days    :  91
Rate              :  4.37359               Pool Factor: 0.1673
Denomination GB   :  1,673.00      100,000.00
Amount Payable
Per Denomination  :  18.24

From:
Institutional    Telephone [phone]
Trust Services   Facsimile 44 (0) 1202 34 7438



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

Issue             :  Mortgages No.1 plc - Class M
                     #10,500,000 Mortgage Backed FRN due April 2033
ISIN Number       :  XS0111091525
Issue Nominal GBP :  10,500,000.00
Period            :  14-Oct-2002  To  13-Jan-2003    Payment Date  14-Jan-2003
Number of Days    :  91
Rate              :  5.37359 
Denomination GB   :  10,000.00      100,000.00
Amount Payable
Per Denomination  :  133.97

From:
Institutional    Telephone [phone]
Trust Services   Facsimile 44 (0) 1202 34 7438



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

Issue             :  Mortgages No.1 plc - Series B
                     #13,500,000 Mortgage Backed FRN due April 2033
ISIN Number       :  XS0111091871
Issue Nominal GBP :  13,500,000.00
Period            :  14-Oct-2002  To  13-Jan-2003    Payment Date  13-Jan-2003
Number of Days    :  91
Rate              :  6.97359 
Denomination GB   :  10,000.00      1,000,000.00
Amount Payable
Per Denomination  :  173.86

From:
Institutional    Telephone [phone]
Trust Services   Facsimile 44 (0) 1202 34 7438



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

Issue             :  Mortgages No.1 Plc - Class S
                     #4,970,000 Mortgage Backed FRN due April 2033
ISIN Number       :  XS0111092093
Issue Nominal GBP :  4,970,000.00
Period            :  14-Oct-2002  To  13-Jan-2003    Payment Date  13-Jan-2003
Number of Days    :  91
Rate              :  7.97359            Pool Factor: 0.3839 
Denomination GB   :  3,839.00       100,000.00
Amount Payable
Per Denomination  :  76.32

From:
Institutional    Telephone [phone]
Trust Services   Facsimile 44 (0) 1202 34 7438



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

Issue             :  Mortgages No.1 plc - Class A detachable coupons
                     #154,000,000 Mortgage Backed FRN due April 2033
ISIN Number       :  XS0111094442
Issue Nominal GBP :  154,000,000.00
Period            :  14-Oct-2002  To  13-Jan-2003    Payment Date  13-Jan-2003
Number of Days    :  91
Rate              :  0.49863013697            Pool Factor: 0.1673
Denomination GB   :  1,673.00       100,000.00
Amount Payable
Per Denomination  :  8.34

From:
Institutional    Telephone [phone]
Trust Services   Facsimile 44 (0) 1202 34 7438


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