This is Hever's latest acquisition which was painted in the early 16th century as a tribute to Henry's mother. The wording at the top says 'Elizabet Mater Henericus 8'.
Also for ladyjanegreyref, I managed to find a picture very similar to Hever's portrait of Catherine of Aragon on the net. I've cropped the photo so it looks more like the one in the Queens Chamber. The photo of Elizabeth is courtesy of the BBC.