FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of ~~January~~March 2005,

PERMANENT FINANCING (NO. 2) PLC

(Translation of registrant’s name into English)

~~Blackwell~~35 Great ~~House,~~St. ~~Guildhall Yard~~Helens, London ~~EC2V 5AE~~EC3A 6AP, United Kingdom

(Address of principal executive offices)

PERMANENT FUNDING (NO. 1) LIMITED

(Translation of registrant’s name into English)

~~Blackwell~~35 Great ~~House,~~St. ~~Guildhall Yard~~Helens, London ~~EC2V 5AE~~EC3A 6AP, United Kingdom

(Address of principal executive offices)

PERMANENT MORTGAGES TRUSTEE LIMITED

(Translation of registrant’s name into English)

47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F

Form 20-F ý Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No ý

Permanent Mortgages Trustees Limited

Quarter

3/10/2005

~~Quarter~~6/10/2005

~~12/10/2004~~

~~3/9/2005~~

Monthly Report

March 2005

~~January 2005~~

Date of Report

4/13/2005

~~2/7/2005~~

Mortgages

*Mortgages*

Number of Mortgages in Pool		534,349

Current Principal Balance		£	35,954,037,725
Opening Trust Assets		£	100
Total		£	35,954,037,825

Notes Outstanding		£	27,940,392,291
Funding Share		£	25,887,864,870
Cash Accumulation Balance		£	2,052,527,421
Funding Share Percentage		72.00266				%
Seller Share		£	10,066,172,855
Seller Share Percentage		27.99734				%

Minimum Seller Share (Amount)		£	1,797,701,886
Minimum Seller Share (% of Total)		5.00000				%

Arrears Analysis		Number					Principal				Arrears		% by Principal
Less than 1 month		524,845					£	35,203,170,341.84			£	2,024,242.84	97.91	%
1 - < 2 months		6,258					£	508,587,991.08			£	3,572,765.44	1.41	%
2 - < 3 months		1,385					£	108,122,927.32			£	1,532,644.79	0.30	%
3 - < 6 months		1,235					£	92,157,806.77			£	2,249,994.88	0.26	%
6 - < 12 months		546					£	37,606,846.21			£	1,881,122.35	0.10	%
12 months +		80					£	4,391,812.11			£	379,004.44	0.01	%
Total		534,349					£	35,954,037,725.33			£	11,639,774.74	100.00	%

Properties in Possession		Number					Balance				Amount in Arrears
Total		18					£	1,737,694.87			£	108,417.28

Properties in Possession (this month)

Number Brought Forward		24
Repossessed		2
Sold		7
Number Carried Forward		18				*

Average Time from Possession to Sale in days		92
Average Arrears at Sale		£	3,134.66

MIG Claims submitted		0
MIG Claims Outstanding		0
Average Time from Claim to Payment in days		0


Note :	The arrears analysis and repossession information is as at the end of the report month
	*No. of possessions carried forward reduced by 1 as property relinquished back to customer.

Substitution		Number					Principal
Substituted this period (this month)		0					£	—
Substituted to date (since 14/06/2002)*		203,962					£	14,162,131,295.91


* On 23rd March 2005, Permanent 7 closed. The Permanent Trust was topped-up by 70,542 accounts (to value: £6,625,343,617.12). These are not included above.

CPR Analysis		Monthly					Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate		2.90				%	29.73			%
Previous 3 Month CPR Rate		2.75				%	28.46			%
Previous 12 Month CPR Rate		3.46				%	34.45			%

Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month.

Weighted Average Seasoning in Months (by value)				32.16
Average Loan Size				£	67,285.68
Weighted Average Current HPI LTV (by value)				49.87					%
Weighted Average Current LTV (by value)				64.77					%

*Yield Net of Funding Swap over 3 Month Sterling LIBOR*
Current Month				0.629					%

*Excess Spread*
Current Month				0.417					%
February 2005				0.389					%
January 2005				0.396					%

*Product Breakdown*
Fixed Rate %				33.67					%
Tracker Rate %				49.23					%
Other Variable Rate %				17.10					%

Number of Mortgages in Pool		484,817
Current Principal Balance	£	31,017,115,615
Opening Trust Assets	£	100
Total	£	31,017,115,715
Notes Outstanding	£	24,746,505,291
Funding Share	£	22,950,309,199
Cash Accumulation Balance	£	1,796,196,093
Funding Share Percentage		73.99240	%
Seller Share	£	8,066,806,416
Seller Share Percentage		26.00760	%
Minimum Seller Share (Amount)	£	1,550,855,781
Minimum Seller Share (% of Total)		5.00000	%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	477,568	£	30,481,496,528.63	£	2,646,334.78	98.27	%
1 - < 2 months	4,605	£	348,535,741.39	£	2,540,866.58	1.12	%
2 - < 3 months	1,103	£	83,436,139.90	£	1,195,044.72	0.27	%
3 - < 6 months	1,043	£	71,364,353.91	£	1,779,123.45	0.23	%
6 - < 12 months	428	£	28,598,620.21	£	1,414,884.20	0.09	%
12 months +	70	£	3,684,230.63	£	311,853.53	0.01	%
Total	484,817	£	31,017,115,614.67	£	9,888,107.26	100.00	%

Properties in Possession		Number		Balance			Amount in Arrears
Total		20		£	1,669,763.45		£	104,478.62

Properties in Possession (this month)
Number Brought Forward	14
Repossessed	8
Sold	2
Number Carried Forward	20
Average Time from Possession to Sale in days	66
Average Arrears at Sale	£	5,927.34
MIG Claims submitted	0
MIG Claims Outstanding	0
Average Time from Claim to Payment in days	0

Note: The arrears analysis and repossession information is as at the end of the report month

Substitution	Number	Principal
Substituted this period (this month)	0	£	—
Substituted to date (since 14/06/2002)*	203,962	£	14,162,131,295.91

* On 18th November 2004, Permanent 6 closed. The Permanent Trust was topped-up by 104,569 accounts (to value: £9,582,315,929.58). These are not included above.

CPR Analysis	Monthly		Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate	2.74	%	28.39	%
Previous 3 Month CPR Rate	3.13	%	31.74	%
Previous 12 Month CPR Rate	3.71	%	36.51	%

Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month.

Weighted Average Seasoning in Months (by value)	34.06
Average Loan Size	£	63,976.96
Weighted Average Current HPI LTV (by value)	47.32		%
Weighted Average Current LTV (by value)	64.68		%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month	0.675		%
Excess Spread
Current Month	0.396		%
December 2004	0.395		%
November 2004	0.463		%

Product Breakdown
Fixed Rate %	29.10	%
Tracker Rate %	50.82	%
Other Variable Rate %	20.08	%

LTV Levels Breakdown*	Number	Value			% of Total
LTV Levels Breakdown *	Number	Value					% of Total
0 - 30%	8290,~~730~~681	£	~~2,083,017,411.70~~	2,373,882,280.05	~~6.72~~	%	6.60	%
30 - 35%	2123,~~100~~572	£	~~958,406,213.26~~	1,116,987,792.13	~~3.09~~	%	3.11	%
35 - 40%	2325,~~276~~977	£	~~1,197,257,145.74~~	1,384,117,738.77	~~3.86~~	%	3.85	%
40 - 45%	2527,~~370~~926	£	~~1,430,673,070.94~~	1,634,004,138.43	~~4.61~~	%	4.54	%
45 - 50%	2731,~~687~~324	£	~~1,708,034,020.39~~	2,024,083,027.78	~~5.51~~	%	5.63	%
50 - 55%	2932,~~621~~643	£	~~1,989,519,381.53~~	2,283,895,309.60	~~6.41~~	%	6.35	%
55 - 60%	3034,~~949~~647	£	~~2,253,500,741.36~~	2,645,259,310.12	~~7.27~~	%	7.36	%
60 - 65%	3236,~~420~~180	£	~~2,502,721,064.18~~	2,910,437,183.64	~~8.07~~	%	8.09	%
65 - 70%	3539,~~225~~296	£	~~2,909,823,765.95~~	3,398,705,399.75	~~9.38~~	%	9.45	%
70 - 75%	4045,~~463~~869	£	~~3,763,193,404.38~~	4,524,273,619.20	~~12.13~~	%	12.58	%
75 - 80%	2930,~~040~~709	£	~~2,371,933,165.55~~	2,593,346,366.75	~~7.65~~	%	7.21	%
80 - 85%	2930,~~028~~601	£	~~2,076,079,464.20~~	2,306,928,210.14	~~6.69~~	%	6.42	%
85 - 90%	3134,~~583~~871	£	~~2,384,355,677.74~~	2,842,219,835.85	~~7.69~~	%	7.91	%
90 - 95%	2829,~~661~~543	£	~~2,038,787,650.56~~	2,216,887,204.45	~~6.57~~	%	6.17	%
95 - 100%	1618,~~482~~928	£	~~1,267,139,286.67~~	1,579,952,303.90	~~4.09~~	%	4.39	%
100% +	1,~~182~~582	£	~~82,674,150.52~~	119,058,004.77	~~0.27~~	%	0.33	%
Totals	~~484~~534,~~817~~349	£	~~31,017,115,614.67~~	35,954,037,725.33	~~100.00~~	%	100.00	%
* Using Latest Valuation
HPI LTV Levels Breakdown **	Number	Value					% of Total
0 - 30%	177,380	£		6,051,552,577.91			16.83	%
30 - 35%	48,183	£		2,696,521,263.46			7.50	%
35 - 40%	51,850	£		3,195,304,832.28			8.89	%
40 - 45%	47,900	£		3,252,121,881.39			9.05	%
45 - 50%	40,694	£		3,180,421,993.53			8.85	%
50 - 55%	35,158	£		3,082,069,755.92			8.57	%
55 - 60%	32,359	£		3,091,716,384.68			8.60	%
60 - 65%	28,507	£		2,949,689,607.62			8.20	%
65 - 70%	22,695	£		2,613,116,712.07			7.27	%
70 - 75%	16,669	£		1,892,676,967.44			5.26	%
75 - 80%	11,413	£		1,323,663,747.23			3.68	%
80 - 85%	9,155	£		1,064,694,907.91			2.96	%
85 - 90%	6,630	£		848,121,738.87			2.36	%
90 - 95%	3,833	£		478,070,981.66			1.33	%
95 - 100%	1,894	£		230,491,901.39			0.64	%
100% +	29	£		3,802,471.97			0.01	%
Totals	534,349	£		35,954,037,725.33			100.00	%
** Using Latest Valuation Adjusted for changes in the HPI index
Current HVR1 Rate					6.75%
Effective Date of Change					01/09/2004
Current HVR2 Rate					6.00%
Effective Date of Change					01/09/2004

* Using Latest Valuation

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin

Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	2.77000	%	-0.020	%
Series 1 Class A	Permanent Financing No.6	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.77000	%	-0.030	%
Series 1 Class A	Permanent Financing No.7	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.84263	%	-0.040	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	2.46000	%	0.140	%
Series 1 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.100	%
Series 1 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	43,400,000.00	3.01371	%	0.090	%
Series 1 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	44,400,000.00	2.46000	%	0.500	%
Series 1 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.350	%
Series 1 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	42,200,000.00	3.01371	%	0.280	%
Series 2 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	750,000,000.00			4.200	%
Series 2 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	2.46000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	2.46000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.6	Aaa / AAA / AAA	$	1,000,000,000.00	2.46000	%	0.090	%
Series 2 Class A	Permanent Financing No.7	Aaa / AAA / AAA	$	1,400,000,000.00	3.01371	%	0.040	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	2.46000	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	2.46000	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	2.46000	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.140	%
Series 2 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	60,700,000.00	3.01371	%	0.110	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	2.46000	%	0.330	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	2.46000	%	1.450	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	2.46000	%	1.050	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	2.46000	%	0.720	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	2.46000	%	0.650	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.450	%
Series 2 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	59,200,000.00	3.01371	%	0.330	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	2.46000	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.17000	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class A	Permanent Financing No.7	Aaa / AAA / AAA	€	1,700,000,000.00	2.12700	%	0.070	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	2.46000	%	0.300	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	2.46000	%	0.350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	2.46000	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	2.46000	%	0.260	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class B	Permanent Financing No.7	Aa3 / AA / AA	€	73,700,000.00	2.12700	%	0.120	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	2.46000	%	0.370	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	2.46000	%	1.200	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.17000	%	1.450	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	2.46000	%	1.150	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	2.46000	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	2.46000	%	0.820	%

HPI LTV Levels Breakdown**	Number	Value		% of Total
0 - 30%	171,517	£	5,858,002,581.34	18.89	%
30 - 35%	46,513	£	2,590,072,628.25	8.35	%
35 - 40%	50,551	£	3,084,864,167.75	9.95	%
40 - 45%	45,770	£	3,073,441,870.68	9.91	%
45 - 50%	37,737	£	2,898,366,659.79	9.34	%
50 - 55%	31,130	£	2,697,712,800.85	8.70	%
55 - 60%	28,000	£	2,623,079,001.02	8.46	%
60 - 65%	23,735	£	2,439,063,552.81	7.86	%
65 - 70%	17,822	£	2,027,355,008.16	6.54	%
70 - 75%	11,624	£	1,278,599,014.59	4.12	%
75 - 80%	7,943	£	906,498,116.22	2.92	%
80 - 85%	6,291	£	740,083,123.71	2.39	%
85 - 90%	3,993	£	521,208,900.33	1.68	%
90 - 95%	1,728	£	221,281,062.57	0.71	%
95 - 100%	452	£	56,071,943.27	0.18	%
100% +	11	£	1,415,183.33	0.00	%
Totals	484,817	£	31,017,115,614.67	100.00	%

** Using Latest Valuation Adjusted for changes in the HPI index

Current HVR1 Rate				6.75%
Effective Date of Change				01/09/2004
Current HVR2 Rate				6.00%
Effective Date of Change				01/09/2004

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.4	P-1 / A-1+ / F1+	$	1,500,000,000.00	2.42000	%	-0.050	%
Series 1 Class A	Permanent Financing No.5	P-1 / A-1+ / F1+	$	1,250,000,000.00	2.42000	%	-0.020	%
Series 1 Class A	Permanent Financing No.6	P-1 / A-1+ / F1+	$	1,000,000,000.00	2.42000	%	-0.030	%
Series 1 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	78,100,000.00	2.46000	%	0.140	%
Series 1 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	53,000,000.00	2.46000	%	0.140	%
Series 1 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.100	%
Series 1 Class M	Permanent Financing No.4	A2/A/A	$	56,500,000.00	2.46000	%	0.230	%
Series 1 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	44,400,000.00	2.46000	%	0.500	%
Series 1 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.350	%
Series 2 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	750,000,000.00			4.200	%
Series 2 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	2.46000	%	0.150	%
Series 2 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	2,400,000,000.00	2.46000	%	0.070	%
Series 2 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	1,300,000,000.00	2.46000	%	0.110	%
Series 2 Class A	Permanent Financing No.6	Aaa / AAA / AAA	$	1,000,000,000.00	2.46000	%	0.090	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	2.46000	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	2.46000	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	2.46000	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	2.46000	%	0.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	2.46000	%	0.140	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	2.46000	%	0.330	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	2.46000	%	1.450	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	2.46000	%	1.050	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	2.46000	%	0.720	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	2.46000	%	0.650	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	2.46000	%	0.450	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	2.46000	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.17000	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	2.46000	%	0.300	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	52,000,000.00	2.46000	%	0.350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	2.46000	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	2.46000	%	0.260	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	2.46000	%	0.370	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	2.46000	%	1.200	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.17000	%	1.450	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	2.46000	%	1.150	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	2.46000	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	2.46000	%	0.820	%
Series 3 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	34,200,000.00	4.86000	%	0.680	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA	€	750,000,000.00			5.100	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA	€	700,000,000.00	2.17000	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	2.46000	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.17000	%	0.150	%

Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA		€	1,000,000,000.00		2.17000	%	0.170	%
Series 3 Class C	Permanent Financing No.6	Baa2 / BBB / BBB			£	34,200,000.00		4.86000	%	0.680	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA		€	750,000,000.00		2.17000	%	0.140	%
Series 3 Class C	Permanent Financing No.7	Baa2 / BBB / BBB			€	71,800,000.00		2.12700	%	0.430	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA		£	1,000,000,000.00		4.86000	%	0.180	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA			€	750,000,000.00				5.100	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA		£	750,000,000.00		4.86000	%	0.190	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA			€	700,000,000.00		2.17000	%	0.190	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA		£	52,000,000.00		4.86000	%	0.300	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA			$	1,750,000,000.00		2.46000	%	0.220	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA		€	56,500,000.00		2.17000	%	0.450	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA			€	1,500,000,000.00		2.17000	%	0.150	%
Series 4 Class B	Permanent Financing No.3	Aa3 / AA / AA		€	62,000,000.00		2.17000	%	0.390	%
Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA			€	1,000,000,000.00		2.17000	%	0.170	%
Series 4 Class B	Permanent Financing No.4	Aa3 / AA / AA		€	85,000,000.00		2.17000	%	0.352	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA			€	750,000,000.00		2.17000	%	0.140	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA		€	43,500,000.00		2.17000	%	0.330	%
Series 4 Class A	Permanent Financing No.7	Aaa / AAA / AAA			£	850,000,000.00		4.96234	%	0.080	%
Series 4 Class B	Permanent Financing No.6	Aa3 / AA / AA		€	26,100,000.00		2.17000	%	0.230	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA			£	1,000,000,000.00		4.86000	%	0.180	%
Series 4 Class M	Permanent Financing No.4	A2/A/A		€	62,500,000.00		2.17000	%	0.534	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA			£	750,000,000.00		4.86000	%	0.190	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB		£	52,000,000.00		4.86000	%	1.200	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA			£	52,000,000.00		4.86000	%	0.300	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB		€	56,500,000.00		2.17000	%	1.450	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA			€	56,500,000.00		2.17000	%	0.450	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB		€	62,000,000.00		2.17000	%	1.180	%
Series 4 Class B	Permanent Financing No.3	Aa3 / AA / AA			€	62,000,000.00		2.17000	%	0.390	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB		€	36,000,000.00		2.17000	%	0.780	%
Series 4 Class B	Permanent Financing No.4	Aa3 / AA / AA			€	85,000,000.00		2.17000	%	0.352	%
Series 4 Class C	Permanent Financing No.6	Baa2 / BBB / BBB		€	25,300,000.00		2.17000	%	0.680	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA			€	43,500,000.00		2.17000	%	0.330	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA		€	750,000,000.00				3.9615	%
Series 4 Class B	Permanent Financing No.6	Aa3 / AA / AA			€	26,100,000.00		2.17000	%	0.230	%
Series 5 Class A1	Permanent Financing No.5	Aaa / AAA / AAA		£	500,000,000.00				5.625	%
Series 4 Class B	Permanent Financing No.7	Aa3 / AA / AA			£	36,800,000.00		4.96234	%	0.130	%
Series 5 Class A1	Permanent Financing No.6	Aaa / AAA / AAA		£	500,000,000.00		4.86000	%	0.150	%
Series 4 Class M	Permanent Financing No.4	A2/A/A			€	62,500,000.00		2.17000	%	0.534	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA		£	750,000,000.00		4.86000	%	0.250	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB			£	52,000,000.00		4.86000	%	1.200	%
Series 5 Class A	Permanent Financing No.3	Aaa / AAA / AAA		£	400,000,000.00				5.521	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB			€	56,500,000.00		2.17000	%	1.450	%
Series 5 Class A2	Permanent Financing No.4	Aaa / AAA / AAA		£	1,100,000,000.00		4.86000	%	0.170	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB			€	62,000,000.00		2.17000	%	1.180	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA		£	750,000,000.00		4.86000	%	0.190	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB			€	36,000,000.00		2.17000	%	0.780	%
Series 5 Class A2	Permanent Financing No.6	Aaa / AAA / AAA		£	500,000,000.00		4.86000	%	0.160	%
Series 4 Class C	Permanent Financing No.6	Baa2 / BBB / BBB			€	25,300,000.00		2.17000	%	0.680	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA		£	26,000,000.00		4.86000	%	0.450	%
Series 4 Class C	Permanent Financing No.7	Baa2 / BBB / BBB			£	35,900,000.00		4.96234	%	0.450	%
Series 5 Class B	Permanent Financing No.3	Aa3 / AA / AA		€	20,000,000.00		2.17000	%	0.450	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA			€	750,000,000.00				3.962	%
Series 5 Class B	Permanent Financing No.4	Aa3 / AA / AA		£	43,000,000.00		4.86000	%	0.330	%
Series 5 Class A1	Permanent Financing No.5	Aaa / AAA / AAA			£	500,000,000.00				5.625	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA		£	47,000,000.00		4.86000	%	0.350	%
Series 5 Class A1	Permanent Financing No.6	Aaa / AAA / AAA			£	500,000,000.00		4.86000	%	0.150	%
Series 5 Class B	Permanent Financing No.6	Aa3 / AA / AA		£	34,800,000.00		4.86000	%	0.310	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA			£	750,000,000.00		4.86000	%	0.250	%
Series 5 Class M	Permanent Financing No.4	A2/A/A		£	32,000,000.00		4.86000	%	0.500	%
Series 5 Class A	Permanent Financing No.3	Aaa / AAA / AAA			£	400,000,000.00				5.521	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB		£	26,000,000.00		4.86000	%	1.450	%
Series 5 Class A	Permanent Financing No.7	Aaa / AAA / AAA			£	500,000,000.00		4.96234	%	0.100	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB		€	20,000,000.00		2.17000	%	1.230	%
Series 5 Class A2	Permanent Financing No.4	Aaa / AAA / AAA			£	1,100,000,000.00		4.86000	%	0.170	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB		£	54,000,000.00		4.86000	%	0.900	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA			£	750,000,000.00		4.86000	%	0.190	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB		£	39,000,000.00		4.86000	%	0.850	%
Series 5 Class A2	Permanent Financing No.6	Aaa / AAA / AAA			£	500,000,000.00		4.86000	%	0.160	%
Series 5 Class C	Permanent Financing No.6	Baa2 / BBB / BBB		£	33,700,000.00		4.86000	%	0.800	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA			£	26,000,000.00		4.86000	%	0.450	%
Series 5 Class B	Permanent Financing No.3	Aa3 / AA / AA			€	20,000,000.00		2.17000	%	0.450	%
Series 5 Class B	Permanent Financing No.4	Aa3 / AA / AA			£	43,000,000.00		4.86000	%	0.330	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA			£	47,000,000.00		4.86000	%	0.350	%
Series 5 Class B	Permanent Financing No.6	Aa3 / AA / AA			£	34,800,000.00		4.86000	%	0.310	%
Series 5 Class M	Permanent Financing No.4	A2/A/A			£	32,000,000.00		4.86000	%	0.500	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB			£	26,000,000.00		4.86000	%	1.450	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB			€	20,000,000.00		2.17000	%	1.230	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB			£	54,000,000.00		4.86000	%	0.900	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB			£	39,000,000.00		4.86000	%	0.850	%
Series 5 Class C	Permanent Financing No.6	Baa2 / BBB / BBB			£	33,700,000.00		4.86000	%	0.800	%
Funding level Reserve Fund requirement		£	485,000,000.00
Balance brought forward		£	322,353,475.33
Drawings this period		£	—
Top-up this period*		£	93,461,772.45
Current Balance		£	415,815,247.78
Liquidity Facility Original Amount		£	150,000,000.00
Balance brought forward		£	150,000,000.00
Drawings this period		£	—
Liquidity Repaid this period		£	—
Closing balance for period		£	150,000,000.00
*Top-ups only occur at the end of each quarter.
Trigger Events:
Non-asset trigger events:
If the Seller suffers an Insolvency Event.
If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
If the outstanding principal balance of the trust property is less than £27,000,000,000 to 9th March 2008.
Asset trigger events:
If there has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger

Funding level Reserve Fund requirement			£	460,000,000.00
Month	Pool Balance			Funding Share		Seller Share		Funding		Seller
Balance brought forward			£	322,353,475.33
March 2005	£	30,208,410,171.92		£	22,693,161,560.41	£	7,515,248,611.51	75.12200	%	24.87800	%
Drawings this period			£	—
February 2005	£	31,017,115,614.67		£	22,693,161,560.41	£	8,323,954,054.26	73.16335	%	26.83665	%
Top-up this period*			£	—
January 2005	£	31,889,122,237.87		£	22,950,309,198.54	£	8,938,813,039.33	71.96908	%	28.03092	%
Current Balance			£	322,353,475.33
Principal Ledger
Liquidity Facility Original Amount			£	150,000,000.00
Month	Principal Received			Further Advances		Sub Total
Balance brought forward			£	150,000,000.00
March 2005	£	627,294,639.32		£	247,882,051.14	£	875,176,690.46
Drawings this period			£	—
February 2005	£	594,941,346.58		£	216,257,639.41	£	811,198,985.99
Liquidity Repaid this period			£	—
January 2005	£	672,889,933.09		£	202,111,760.15	£	875,001,693.24
Closing balance for period			£	150,000,000.00
	£	1,895,125,918.99		£	666,251,450.70	£	2,561,377,369.69
Principal Distribution
Month	Funding			Seller
March 2005	£	875,176,690.46		£	—
February 2005	£	—		£	811,198,985.99
January 2005	£	257,147,638.13		£	617,854,055.11
	£	1,132,324,328.59		£	1,429,053,041.10

*Top-ups only occur at the end of each quarter.

Trigger Events:

Non-asset trigger events:

If the Seller suffers an Insolvency Event.

If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.

If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.

If the outstanding principal balance of the trust property is less than £27,000,000,000 to 9th September 2005.

Asset trigger events:

If there has been a debit to the AAA Principal Deficiency Sub-Ledger.

No Trigger Events have Occurred

Funding Seller Share Ledger

Month	Pool Balance		Funding Share		Seller Share		Funding		Seller
January 2005	£	31,889,122,237.87	£	22,950,309,198.54	£	8,938,813,039.33	71.96908	%	28.03092	%
December 2004	£	32,877,011,570.71	£	23,942,646,291.41	£	8,934,365,279.30	72.82489	%	27.17511	%
November 2004	£	24,057,931,158.53	£	20,089,629,291.41	£	3,968,301,867.12	83.50522	%	16.49478	%
Principal Ledger
Month	Principal Received		Further Advances		Sub Total
January 2005	£	672,889,933.09	£	202,111,760.15	£	875,001,693.24
December 2004	£	738,663,884.46	£	253,673,208.41	£	992,337,092.87
November 2004	£	692,434,099.17	£	181,604,366.89	£	874,038,466.06
	£	2,103,987,916.72	£	637,389,335.45	£	2,741,377,252.17
Principal Distribution
Month	Funding		Seller
January 2005	£	257,147,638.13	£	617,854,055.11
December 2004	£	992,337,092.87	£	—
November 2004	£	—	£	874,038,466.06
	£	1,249,484,731.00	£	1,491,892,521.17

Revenue Ledger
Month	Revenue Received			GIC Interest			Authorised Investment Income			Sub Total
March 2005	£	141,179,635.63		£	1,702,027.88		£	—		£	142,881,663.51
February 2005	£	123,758,705.47		£	2,364,795.57		£	—		£	126,123,501.04
January 2005	£	139,450,633.50		£	2,976,768.03		£	—		£	142,427,401.53
December 2004	£	142,106,010.71		£	2,851,352.00		£	—		£	144,957,362.71
	£	404,388,974.60		£	7,043,591.48		£	—		£	411,432,566.08
November 2004	£	122,097,711.54		£	2,157,959.12		£	—		£	124,255,670.66
Paid to
	£	403,654,355.75		£	7,986,079.15		£	—		£	411,640,434.90
Month	Mortgage Trustee			Administrator			Available Revenue
March 2005	£	2,700.00		£	1,272,051.93		£	141,606,911.58
February 2005	£	952.46		£	1,239,217.78		£	124,883,330.80
January 2005	£	150.00		£	1,371,991.11		£	141,055,260.42
	£	3,802.46		£	3,883,260.82		£	407,545,502.80
Revenue Distribution
Month	Funding			Seller
March 2005	£	105,924,625.53		£	35,682,286.05
February 2005	£	92,453,758.75		£	32,429,572.06
January 2005	£	102,885,975.41		£	38,169,285.01
	£	301,264,359.69		£	106,281,143.12
Losses Ledger
Month	Losses
Balance b/fwd at 28 February 2005	£	68,236.91
March 2005	£	—
February 2005	£	49,625.02
January 2005	£	10,515.68
Closing Balance	£	68,236.91
Losses Distribution
Month	Funding			Seller			Reconciliation
March 2005	£	—		£	—		£	—
February 2005	£	36,753.05		£	12,871.97		£	—
January 2005	£	7,670.73		£	2,844.95		£	—
	£	44,423.78		£	15,716.92		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
March 2005	2.90		%	2.75		%	3.46		%
February 2005	2.62		%	2.79		%	3.61		%
January 2005	2.74		%	3.13		%	3.71		%
Regional Analysis

Paid to
Halifax Mapped Region	Number		Value			% of Total
Month	Mortgage Trustee			Administrator			Available Revenue
London & South East	106,444		£	10,830,517,948.81		30.12	%
January 2005	£	150.00		£	1,371,991.11		£	141,055,260.42
Midlands & East Anglia	116,868		£	7,926,415,394.36		22.05	%
December 2004	£	—		£	1,371,991.11		£	143,585,371.60
North	99,366		£	4,835,490,760.89		13.45	%
November 2004	£	2,783.35		£	454,252.31		£	123,798,635.00
North West	79,252		£	4,156,899,954.88		11.56	%
	£	2,933.35		£	3,198,234.53		£	408,439,267.02
South Wales & West	76,248		£	5,272,936,324.96		14.67	%
Scotland	51,100		£	2,558,804,184.28		7.12	%
Unknown	5,071		£	372,973,157.16		1.04	%
Totals	534,349		£	35,954,037,725.33		100.00	%
Contact Details - If you have any queries regarding this report please contact:-
Tracey Hill
LP/3/3/SEC
Trinity Road
Halifax
HX1 2RG
Tel: +44 (0) 113 235 2178
Fax: +44 (0) 113 235 7511
e-mail: tracey.hill@halifax.co.uk

Revenue Distribution
Month	Funding			Seller
January 2005	£	102,885,981.26		£	38,164,453.38
December 2004	£	105,977,905.31		£	37,607,466.29
November 2004	£	104,055,684.55		£	19,742,950.45
	£	312,919,571.12		£	95,514,870.12
Losses Ledger
Month	Losses
Balance b/fwd	£	8,096.21
January 2005	£	10,515.68
December 2004	£	—
November 2004	£	3,245.80
Closing Balance	£	18,611.89
Losses Distribution
Month	Funding			Seller			Reconciliation
January 2005	£	7,670.73		£	2,844.95		£	—
December 2004	£	—		£	—		£	—
November 2004	£	2,359.81		£	885.99		£	—
	£	10,030.54		£	3,730.94		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
January 2005	2.74		%	3.13		%	3.71		%
December 2004	3.02		%	3.33		%	3.81		%
November 2004	3.63		%	3.70		%	3.97		%
Regional Analysis
Halifax Mapped Region	Number			Value			% of Total
London & South East	96,327			£	9,330,588,172.36		30.08		%
Midlands & East Anglia	106,089			£	6,816,090,739.38		21.98		%
North	91,058			£	4,204,734,808.61		13.56		%
North West	72,641			£	3,620,861,235.52		11.67		%
South Wales & West	69,557			£	4,556,109,408.39		14.69		%
Scotland	44,366			£	2,139,413,980.54		6.90		%
Unknown	4,779			£	349,317,269.87		1.13		%
Totals	484,817			£	31,017,115,614.67		100.00		%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

	PERMANENT FINANCING (NO. 2) PLC
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 14th April 2005	/s/ David Balai
	By: David Balai
	Title: Director
	PERMANENT FUNDING (NO. 1) LIMITED
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 14th April 2005	/s/ David Balai
	By: David Balai
	Title: Director
	PERMANENT MORTGAGES TRUSTEE LIMITED
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 14th April 2005	/s/ David Balai
	By: David Balai
	Title: Director

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