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Granite Mortgages 02-1 PLC



GRANITE MORTGAGES 02-1 PLC ANNOUNCES AMENDMENT TO TERMS AND CONDITIONS OF NOTES
    USD 704,200,000 Series 1 class A1 Floating Rate Notes due 2016
   USD 1,274,400,000 Series 1 class A2 Floating Rate Notes due 2019
    USD 69,700,000 Series 1 class B Floating Rate Notes due 2042
     USD 96,500,000 Series 1 class C Floating Rate Notes due 2042
     GBP 460,000,000 Series 2 class A Floating Rate Notes due 2042
     GBP 16,200,000 Series 2 class B Floating Rate Notes due 2042
     GBP 22,500,000 Series 2 class C Floating Rate Notes due 2042
     GBP 15,000,000 Series 2 class D Floating Rate Notes due 2042
  EUR 600,000,000 Series 3 class A Fixed/Floating Rate Notes due 2042
     EUR 21,100,000 Series 3 class B Floating Rate Notes due 2042
     EUR 29,300,000 Series 3 class C Floating Rate Notes due 2042
                             (the "Notes")



The above Notes issued by Granite Mortgages 02-1 plc were listed by the London
Stock Exchange on 20 March 2002.

Condition 4(D)(i) and Condition 4(D)(ii) of the Terms and Conditions of the
Notes have been amended and now read as follows:

1. Condition 4(D)(i)

"The Agent Bank shall, as soon as practicable after 11.00am (London time) on, as
applicable, each Dollar Interest Determination Date and Sterling Interest
Determination Date, determine and notify the Third Issuer, the Third Issuer Cash
Manager, the Note Trustee and the Paying Agents of (i) the Rates of Interest
applicable to each class of Notes for the relevantInterest Period, (ii) the
Interest Amount payable in respect of each class of Notes for the relevant
Interest Period and (iii) the Note Interest Amount payable in respect of each
Note for the relevant Interest Period."

2. Condition 4(D)(ii)

"The amount of interest in respect of each class of Notes in respect of an
Interest Period (in each case, the "Interest Amount") shall be determined by
applying the relevant Rate of Interest to the aggregate Principal Amount
Outstanding of the relevant class of Notes, multiplying the sum by the
applicable day count fraction described in Condition 4(A) and rounding the
resultant figure to the nearest cent, amounts equal to or above half a cent
being rounded upwards and amounts below half a cent being rounded downwards (in
the case of the Series 1 Notes and the Series 3 Notes) and the nearest penny,
amounts equal to or above half a penny being rounded upwards and amounts below
half a penny being rounded downwards (in the case of the Series 2 Notes).

The amount of interest in respect of each Note in respect of an Interest Period
(in each case, the "Note Interest Amount") shall be the proportion of the
relevant Interest Amount in relation to the relevant class of Notes on such date
equal to the proportion that the Principal Amount Outstanding of the relevant
Note bears to the aggregate Principal Amount Outstanding of the relevant class
of Notes rounding the resulting figure to the nearest cent, amounts equal to or
above half a cent being rounded upwards andamounts below half a cent being
rounded downwards (in respect of the Series 1 Notes and the Series 3 Notes) and
the nearest penny, amounts equal to or above half a penny being rounded upwards
and amounts below half a penny being rounded downwards (in respect of the Series
2 Notes)."

These amendments have been effected by the execution of a deed of amendment and
restatement between Granite Mortgages 02-1 plc and the Bank of New York as Note
Trustee dated 28 January 2004 (the "Third Issuer Trust Deed Amendment and
Restatement Deed"). Copies of the Third Issuer Trust Deed Amendment and
Restatement Deed may be obtained from the registered office of Granite Mortgages
02-1 plc at Fifth Floor, 100 Wood Street, London EC2V 7EX.

This announcement is made by

Granite Mortgages 02-1 plc

Fifth Floor

100 Wood Street

London EC2V 7EX

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