EXHIBIT 4.11






                           Dated 28 January 2004
                           ---------------------



                         GRANITE MORTGAGES 04-1 PLC
                             as Current Issuer



                                GPCH LIMITED
                   as Post-Enforcement Call Option Holder


                                  - and -


                            THE BANK OF NEW YORK
                              as Note Trustee





             ----------------------------------------------------

                 ISSUER POST-ENFORCEMENT CALL OPTION AGREEMENT

             -----------------------------------------------------



                          SIDLEY AUSTIN BROWN & WOOD
                             1 THREADNEEDLE STREET
                                LONDON EC2R 8AW
                            TELEPHONE 020 7360 3600
                            FACSIMILE 020 7626 7937

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                                  CONTENTS


1.    Interpretation.......................................................1

2.    Option...............................................................1

3.    Representations and Warranties.......................................2

4.    Consideration........................................................2

5.    Acknowledgement by Note Trustee......................................2

6.    Notices..............................................................3

7.    Contracts (Rights of Third Parties) Act 1999.........................3

8.    Governing Law and Jurisdiction; Appropriate Forum....................3



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THIS AGREEMENT IS MADE BY WAY OF DEED dated 28 January 2004

BETWEEN

(1)   GRANITE MORTGAGES 04-1 PLC (registered number 4959572), a public limited
      company incorporated under the laws of England and Wales whose
      registered office is at Fifth Floor, 100 Wood Street, London EC2V 7EX
      (the "Current Issuer");

(2)   GPCH LIMITED (registered number 4128437), a private limited company
      incorporated under the laws of England whose registered office is at
      Fifth Floor, 100 Wood Street, London EC2V 7EX (the "Post-Enforcement
      Call Option Holder"); and

(3)   THE BANK OF NEW YORK acting through its office at 48th Floor, One Canada
      Square, London E14 5AL (in its capacity as the "Note Trustee", which
      expressions shall include such persons and all other persons for the
      time being acting as note trustee or note trustees under the Current
      Issuer Deed of Charge).

IT IS HEREBY AGREED AS FOLLOWS:

1.    Interpretation

      The provisions of:

      (a)   the Master Definitions Schedule as amended and restated by (and
            appearing in Appendix 1 to) the Master Definitions Schedule
            Seventh Amendment and Restatement Deed made on 26 January 2004
            between, among others, the Seller, Funding and the Mortgages
            Trustee, and

      (b)   the Issuer Master Definitions Schedule signed for the purposes of
            identification by Sidley Austin Brown & Wood and Allen & Overy on
            28 January 2004,

      (as the same have been and may be amended, varied or supplemented from
      time to time with the consent of the parties hereto) are expressly and
      specifically incorporated into and shall apply to this Agreement.

      The Issuer Master Definitions Schedule shall prevail to the extent that
      it conflicts with the Master Definitions Schedule.

2.    Option

2.1   In the event that (a) the Current Issuer Security is enforced and, after
      payment of all other claims ranking in priority to the Current Issuer
      Notes under the Current Issuer Deed of Charge, the remaining proceeds of
      such enforcement are insufficient to pay in full all principal and
      interest and other amounts whatsoever due in respect of the Current
      Issuer Notes and all other claims ranking pari passu therewith, or (b)
      within 20 days following the Final Maturity Date of the latest maturing
      Notes, the Note Trustee certifies that there is no further amount
      outstanding under the Current Issuer Intercompany Loan, then all
      interests in the Global Note Certificates will be automatically
      exchanged (such date of exchange being the "Option Exercise Date") for
      equivalent interests in an equivalent amount of Notes in an equivalent
      Principal



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      Amount Outstanding represented by Individual Note Certificates and such
      Global Note Certificates will be cancelled.

2.2   In connection with the issuance of the Current Issuer Notes, the Note
      Trustee hereby grants, and the Current Issuer hereby acknowledges, an
      option (the "Option"), under which the Note Trustee has no personal
      liability, exercisable by the Post-Enforcement Call Option Holder (or by
      any designated subsidiary of the Post-Enforcement Call Option Holder, to
      be designated by notice from the Post-Enforcement Call Option Holder to
      the Note Trustee at the discretion of the Post-Enforcement Call Option
      Holder (the "Designated Subsidiary") permitting the Post-Enforcement
      Call Option Holder (or any Designated Subsidiary) to acquire at any time
      on or after the Option Exercise Date all (but not some only) of the
      Relevant Notes (as defined below) outstanding as at the Option Exercise
      Date, together with accrued interest thereon ("Relevant Notes" being for
      the purposes of this Deed, all the Current Issuer Notes represented by
      Individual Note Certificates as at the Option Exercise Date).

2.3   The Option shall be exercised by the Post-Enforcement Call Option Holder
      (or any Designated Subsidiary) by notice from the Post-Enforcement Call
      Option Holder (or the Designated Subsidiary) to the Note Trustee and the
      Noteholders in accordance with Condition 14 of the Current Issuer Notes.

3.    Representations and Warranties

      The Post-Enforcement Call Option Holder represents and warrants for the
      benefit of the Current Issuer and the Note Trustee that:

      (a)  it is resident for tax purposes solely in, and has its usual place
           of abode, in the United Kingdom;

      (b)  it does not hold, and has not at any time held, any shares in or
           other interests in any company;

      (c)  it has not engaged in, nor will it engage in, any activities other
           than those contemplated by the Transaction Documents;

      (d)  it will discharge all of its liabilities and meet all of its
           obligations (including any liability in respect of United Kingdom
           corporation tax) as and when they fall due.

4.    Consideration

      The Post-Enforcement Call Option Holder (or the Designated Subsidiary)
      shall pay to the Noteholders in respect of the exercise of the Option,
      the sum of one pence sterling in respect of each Current Issuer Note
      then outstanding.

5.    Acknowledgement by Note Trustee

      The Note Trustee acknowledges that the Current Issuer Notes are to be
      issued subject to the Option and the Note Trustee hereby grants the
      Option but does so entirely without warranty, responsibility or
      liability as to its effectiveness or otherwise on the part of the Note
      Trustee to the Noteholders or any other person. In accordance with the
      Conditions, each of the Noteholders, by subscribing for or purchasing
      the Current



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      Issuer Notes, shall, upon subscription or purchase, be deemed to have
      agreed to be bound by and, to the extent necessary, to have ratified the
      granting of the Option.

6.    Notices

      Any notices to be given pursuant to this Deed to any of the parties
      hereto shall be sufficiently served if sent by prepaid first class post,
      by hand or facsimile transmission and shall be deemed to be given (in
      the case of facsimile transmission) when despatched, (where delivered by
      hand) on the day of delivery if delivered before 17.00 hours on a
      Business Day or on the next Business Day if delivered thereafter or on a
      day which is not a Business Day or (in the case of first class post)
      when it would be received in the ordinary course of the post and shall
      be sent:

      (a)   in the case of the Current Issuer to: Granite Mortgages 04-1 plc:
            c/o Fifth Floor, 100 Wood Street, London EC2V 7EX (facsimile: 020
            7606 0643) for the attention of the Company Secretary;

            with a copy to:
            Northern Rock plc, Northern Rock House, Gosforth, Newcastle upon
            Tyne NE3 4PL, (facsimile: 0191 213 2203) for the attention of the
            Group Secretary;

      (b)   in the case of the Post-Enforcement Call Option Holder to: GPCH
            Limited c/o Fifth Floor, 100 Wood Street, London EC2V 7EX
            (facsimile: 020 7606 0643) for the attention of The Company
            Secretary; and

      (c)   in the case of the Note Trustee to: The Bank of New York, 48th
            Floor, One Canada Square, London E14 5AL (facsimile: 020 7964
            6399) for the attention of Global Structured Finance Corporate
            Trust,

      or to such other address or facsimile number or for the attention of
      such other person or entity as may from time to time be notified by any
      party to the others by written notice in accordance with the provisions
      of this Clause 6.

7. Contracts (Rights of Third Parties) Act 1999

      A person who is not a party to this Deed may not enforce any of its
      terms under the Contracts (Rights of Third Parties) Act 1999, but this
      shall not affect any right or remedy of a third party which exists or is
      available apart from that Act.

8.    Governing Law and Jurisdiction; Appropriate Forum

8.1   This Deed shall be governed by, and construed in accordance with,
      English law.

8.2   Each of the parties hereto irrevocably agrees that the courts of England
      shall have jurisdiction to hear and determine any suit, action or
      proceeding, and to settle any disputes, which may arise out of or in
      connection with this Deed and, for such purposes, irrevocably submits to
      the jurisdiction of such courts.

8.3   Each of the parties hereto irrevocably waives any objection which it
      might now or hereafter have to the courts of England being nominated as
      the forum to hear and determine any proceedings and to settle any
      disputes, and agrees not to claim that any



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      such court is not a convenient or appropriate forum.

AS WITNESS the hands of the duly authorised representatives of the parties
hereto the day and year first before written.



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                               EXECUTION PAGE

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The Current Issuer
<S>                                        <C>

Executed by
GRANITE MORTGAGES 04-1 PLC
as its deed as follows:                      By
Signed for and on its behalf by one            ----------------------------------------
of its directors and by another of             for and on behalf of LDC Securitisation
its directors/its secretary                    Director No.1 Limited

                                          Name Clive Rakestrow
                                               ----------------------------------------


                                             By
                                               ----------------------------------------
                                               for and on behalf of LDC Securitisation
                                               Director No.2 Limited

                                          Name Ian Bowden
                                               ----------------------------------------



The Post-Enforcement Call Option Holder

Executed by
GPCH LIMITED
as its deed as follows:                      By
Signed for and on its behalf by one             ----------------------------------------
of its directors and by another of              for and on behalf of LDC Securitisation
its directors/its secretary                     Director No.1 Limited

                                           Name Clive Rakestrow
                                                ----------------------------------------


                                             By
                                                ----------------------------------------

                                                for and on behalf of LDC Securitisation
                                                Director No.2 Limited

                                           Name Ian Bowden
                                                ----------------------------------------



The Note Trustee

Executed by
THE BANK OF NEW YORK
as follows:                                  By
Signed for and on its behalf by one             ----------------------------------------
of its duly authorised                         Duly Authorised Attorney/Signatory
attorneys/signatories
                                           Name
                                                ----------------------------------------

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