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 months of June, July, August, September, October and November, 2002
PERMANENT FINANCING (NO. 1) PLC
(Translation of registrant’s name into English)
Blackwell House, Guildhall Yard, London EC2V 5AE, United Kingdom
(Address of principal executive offices)
PERMANENT FUNDING (NO. 1) LIMITED
(Translation of registrant’s name into English)
Blackwell House, Guildhall Yard, London EC2V 5AE, 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-Fþ | Form 40-Fo |
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.
| Yeso | Noþ |
| JUNE 2002 MONTHLY REPORT | ||||||||
| JULY 2002 MONTHLY REPORT | ||||||||
| AUGUST 2002 MONTHLY REPORT | ||||||||
| SEPTEMBER 2002 MONTHLY REPORT | ||||||||
| OCTOBER 2002 MONTHLY REPORT | ||||||||
| NOVEMBER 2002 MONTHLY REPORT | ||||||||
| SIGNATURES | ||||||||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 14/06/2002 to 10/09/2002 June 2002 01/07/2002 |
Mortgages
| Number of Mortgages in Pool | 171,649 | |||
| Current Principal Balance | £9,986,738,931 | |||
| Opening Trust Assets | £100 | |||
| Total | £9,986,739,031 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 34.83195 | % | ||
| Seller Share | £6,508,162,621 | |||
| Seller Share Percentage | 65.16805 | % | ||
| Minimum Seller Share (Amount) | £499,336,949.56 | |||
| Minimum Seller Share (% of Total) | 5.00000 | % |
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 171,117 | £9,951,900,611.71 | £68,704.26 | 99.65 | % | |||||||||||
| 1 - 2 months | 532 | £34,838,319.54 | £214,563.57 | 0.35 | % | |||||||||||
| 2 - 3 months | 0 | £— | £— | 0.00 | % | |||||||||||
| 3 - 6 months | 0 | £— | £— | 0.00 | % | |||||||||||
| 6 - 12 months | 0 | £— | £— | 0.00 | % | |||||||||||
| 12 months + | 0 | £— | £— | 0.00 | % | |||||||||||
Total | 171,649 | £9,986,738,931.25 | £283,267.83 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ - | £- | |||||||||
Properties in Possession
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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 14/6/2002) | 0 | £— | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 1.10 | % | 13.97 | % | ||||
| Previous 3 Month CPR Rate | — | — | ||||||
| Previous 12 Month CPR Rate | — | — | ||||||
Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the end of the report month.
| Weighted Average Seasoning in Months (by value) | 34.36 | |||
| Average Loan Size | £58,181.17 | |||
| Weighted Average Current HPI LTV (by value) | 55.43 | % | ||
| Weighted Average Current LTV (by value) | 70.28 | % |
Yield Percentage Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.61394 | % | ||
| May-02 | N/A | |||
| April-02 | N/A |
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report June 2002 | |||||
| Date of Report | 01/07/2002 | ||||
Product Breakdown
| Fixed Rate % | 22.27 | % | ||
| Tracker Rate % | 36.22 | % | ||
| Other Variable Rate % | 41.52 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 18,178 | £508,142,026.34 | 5.09 | % | ||||||||
| 30 - 35% | 5,696 | £240,590,393.78 | 2.41 | % | ||||||||
| 35 - 40% | 6,466 | £308,370,172.98 | 3.09 | % | ||||||||
| 40 - 45% | 7,069 | £357,358,842.85 | 3.58 | % | ||||||||
| 45 - 50% | 7,749 | £429,823,856.20 | 4.30 | % | ||||||||
| 50 - 55% | 8,444 | £499,403,481.15 | 5.00 | % | ||||||||
| 55 - 60% | 9,101 | £582,126,698.26 | 5.83 | % | ||||||||
| 60 - 65% | 9,427 | £607,552,187.51 | 6.08 | % | ||||||||
| 65 - 70% | 10,608 | £709,088,305.13 | 7.10 | % | ||||||||
| 70 - 75% | 12,687 | £889,668,090.15 | 8.91 | % | ||||||||
| 75 - 80% | 10,445 | £709,607,290.59 | 7.11 | % | ||||||||
| 80 - 85% | 14,087 | £945,615,733.94 | 9.47 | % | ||||||||
| 85 - 90% | 21,009 | £1,461,798,853.28 | 14.64 | % | ||||||||
| 90 - 95% | 16,973 | £986,167,102.53 | 9.87 | % | ||||||||
| 95 - 100% | 13,650 | £748,960,057.61 | 7.50 | % | ||||||||
| 100% + | 60 | £2,465,838.95 | 0.02 | % | ||||||||
Totals | 171,649 | £9,986,738,931.25 | 100.00 | % | ||||||||
* Using Latest Valuation
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 30,542 | £1,068,603,541.36 | 10.70 | % | ||||||||
| 30 - 35% | 9,325 | £493,819,553.35 | 4.94 | % | ||||||||
| 35 - 40% | 10,723 | £618,078,158.14 | 6.19 | % | ||||||||
| 40 - 45% | 11,804 | £721,907,684.49 | 7.23 | % | ||||||||
| 45 - 50% | 12,993 | £834,353,467.13 | 8.35 | % | ||||||||
| 50 - 55% | 13,932 | £921,748,380.76 | 9.23 | % | ||||||||
| 55 - 60% | 13,840 | £914,147,382.43 | 9.15 | % | ||||||||
| 60 - 65% | 13,776 | £913,076,970.33 | 9.14 | % | ||||||||
| 65 - 70% | 13,166 | £864,326,516.44 | 8.65 | % | ||||||||
| 70 - 75% | 14,307 | £935,630,352.56 | 9.37 | % | ||||||||
| 75 - 80% | 13,934 | £884,206,808.96 | 8.85 | % | ||||||||
| 80 - 85% | 9,910 | £604,568,544.24 | 6.05 | % | ||||||||
| 85 - 90% | 2,954 | £178,710,882.96 | 1.79 | % | ||||||||
| 90 - 95% | 415 | £31,693,541.27 | 0.32 | % | ||||||||
| 95 - 100% | 28 | £1,867,146.83 | 0.02 | % | ||||||||
| 100% + | 0 | £- | 0.00 | % | ||||||||
Totals | 171,649 | £9,986,738,931.25 | 100.00 | % | ||||||||
** Using Latest Valuation Adjusted for changes in the HPI index
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | |||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.83632 | % | -0.020 | % | ||||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.270 | % | ||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.050 | % | ||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | ||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.280 | % | ||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.180 | % | ||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.88358 | % | 0.125 | % | ||||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.88358 | % | 0.300 | % | ||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.88358 | % | 1.200 | % | ||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.16674 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.16674 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.16674 | % | 1.200 | % | |||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £59,000,000.00 | |||
| Drawings this period | £- | |||
| Top-up this period* | £- | |||
| Current Balance | £59,000,000.00 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £- | |||
| Drawings this period | £- | |||
| Liquidity Repaid this period | £- | |||
| Closing balance for period | £- |
*Top-ups, only occur at the end of each quarter.
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report June 2002 | |||||
| Date of Report | 01/07/2002 | ||||
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report July 2002 | |||||
| Date of Report | 01/08/2002 | ||||
Mortgages
| Number of Mortgages in Pool | 165,233 | |||
| Current Principal Balance | £9,510,152,956 | |||
| Opening Trust Assets | £100 | |||
| Total | £9,510,153,056 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 36.57750 | % | ||
| Seller Share | £6,031,576,646 | |||
| Seller Share Percentage | 63.42250 | % | ||
| Minimum Seller Share (Amount) | £475,507,650.80 | |||
| Minimum Seller Share (% of Total) | 5.00000 | % |
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 164,367 | £9,456,795,900.49 | £71,385.02 | 99.44 | % | |||||||||||
| 1 - 2 months | 813 | £49,931,345.11 | £319,344.62 | 0.53 | % | |||||||||||
| 2 - 3 months | 53 | £3,425,710.35 | £40,601.90 | 0.04 | % | |||||||||||
| 3 - 6 months | 0 | £- | £- | 0.00 | % | |||||||||||
| 6 - 12 months | 0 | £- | £- | 0.00 | % | |||||||||||
| 12 months + | 0 | £- | £- | 0.00 | % | |||||||||||
Total | 165,233 | £9,510,152,955.95 | £431,331.54 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ - | £- | |||||||||
Properties in Possession
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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 14/6/2002) | 0 | £- | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 4.82 | % | 44.73 | % | ||||
| Previous 3 Month CPR Rate | N/A | N/A | ||||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
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) | 35.46 | |||
| Average Loan Size | £57,556.01 | |||
| Weighted Average Current HPI LTV (by value) | 51.48 | % | ||
| Weighted Average Current LTV (by value) | 70.17 | % |
Yield Percentage Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.59311 | % | ||
| June-02 | 0.61394 | % | ||
| May-02 | N/A |
Product Breakdown
| Fixed Rate % | 21.95 | % | ||
| Tracker Rate % | 37.72 | % |
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report July 2002 | |||||
| Date of Report | 01/07/2002 | ||||
| Other Variable Rate % | 40.33 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 18,082 | £493,168,023.75 | 5.19 | % | ||||||||
| 30 - 35% | 5,553 | £230,540,530.04 | 2.42 | % | ||||||||
| 35 - 40% | 6,272 | £296,337,078.05 | 3.12 | % | ||||||||
| 40 - 45% | 6,855 | £344,867,834.65 | 3.63 | % | ||||||||
| 45 - 50% | 7,481 | £408,595,348.75 | 4.30 | % | ||||||||
| 50 - 55% | 8,114 | £476,901,665.24 | 5.01 | % | ||||||||
| 55 - 60% | 8,701 | £550,724,485.73 | 5.79 | % | ||||||||
| 60 - 65% | 9,072 | £579,128,244.31 | 6.09 | % | ||||||||
| 65 - 70% | 10,146 | £671,461,703.86 | 7.06 | % | ||||||||
| 70 - 75% | 12,086 | £839,060,046.57 | 8.82 | % | ||||||||
| 75 - 80% | 10,123 | £682,211,839.56 | 7.17 | % | ||||||||
| 80 - 85% | 13,645 | £913,218,308.63 | 9.60 | % | ||||||||
| 85 - 90% | 19,778 | £1,364,561,539.54 | 14.35 | % | ||||||||
| 90 - 95% | 16,482 | £959,552,258.03 | 10.09 | % | ||||||||
| 95 - 100% | 12,779 | £697,261,741.47 | 7.33 | % | ||||||||
| 100% + | 64 | £2,562,307.77 | 0.03 | % | ||||||||
Totals | 165,233 | £9,510,152,955.95 | 100.00 | % | ||||||||
* Using Latest Valuation
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 34,172 | £1,256,136,450.80 | 13.21 | % | ||||||||
| 30 - 35% | 10,618 | £595,769,231.97 | 6.26 | % | ||||||||
| 35 - 40% | 11,777 | £706,190,742.99 | 7.43 | % | ||||||||
| 40 - 45% | 13,058 | £826,027,204.60 | 8.69 | % | ||||||||
| 45 - 50% | 14,015 | £923,395,146.87 | 9.71 | % | ||||||||
| 50 - 55% | 13,589 | £893,997,099.21 | 9.40 | % | ||||||||
| 55 - 60% | 13,190 | £875,512,829.72 | 9.21 | % | ||||||||
| 60 - 65% | 12,867 | £843,895,357.74 | 8.87 | % | ||||||||
| 65 - 70% | 13,976 | £932,752,778.98 | 9.81 | % | ||||||||
| 70 - 75% | 14,392 | £887,912,864.59 | 9.34 | % | ||||||||
| 75 - 80% | 9,523 | £539,061,845.35 | 5.67 | % | ||||||||
| 80 - 85% | 3,463 | £193,229,882.34 | 2.03 | % | ||||||||
| 85 - 90% | 532 | £32,119,931.23 | 0.34 | % | ||||||||
| 90 - 95% | 43 | £2,908,900.57 | 0.03 | % | ||||||||
| 95 - 100% | 18 | £1,242,688.99 | 0.01 | % | ||||||||
| 100% + | 0 | £— | 0.00 | % | ||||||||
Totals | 165,233 | £9,510,152,955.95 | 100.00 | % | ||||||||
** Using Latest Valuation Adjusted for changes in the HPI index
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | |||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.84000 | % | -0.020 | % | ||||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.270 | % | ||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.050 | % | ||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | ||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.280 | % | ||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.180 | % | ||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.88358 | % | 0.125 | % | ||||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.88358 | % | 0.300 | % | ||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.88358 | % | 1.200 | % | ||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.16674 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.16674 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.16674 | % | 1.200 | % | |||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £59,000,000.00 | |||
| Drawings this period | £— | |||
| Top-up this period* | £— | |||
| Current Balance | £59,000,000.00 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £— | |||
| Drawings this period | £— | |||
| Liquidity Repaid this period | £— | |||
| Closing balance for period | £— |
*Top-ups, only occur at the end of each quarter.
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report July 2002 | |||||
| Date of Report | 01/08/2002 | ||||
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report August 2002 | |||||
| Date of Report | 01/09/2002 | ||||
Mortgages
| Number of Mortgages in Pool | 159,688 | |||
| Current Principal Balance | £9,107,048,165 | |||
| Opening Trust Assets | £100 | |||
| Total | £9,107,048,265 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 38.19653 | % | ||
| Seller Share | £5,628,471,855 | |||
| Seller Share Percentage | 61.80347 | % | ||
| Minimum Seller Share (Amount) | £455,352,411.27 | |||
| Minimum Seller Share (% of Total) | 5.00000 | % |
| Arrears Analysis of non repossessed Mortgages | Number | Principal | Arrears | % by Principal | ||||||||||||
| Less than 1 month | 158,654 | £9,047,813,006.34 | £87,454.44 | 99.35 | % | |||||||||||
| 1 - 2 months | 918 | £53,335,300.91 | £334,963.22 | 0.59 | % | |||||||||||
| 2 - 3 months | 99 | £4,740,809.78 | £64,885.40 | 0.05 | % | |||||||||||
| 3 - 6 months | 17 | £1,159,048.34 | £20,870.93 | 0.01 | % | |||||||||||
| 6 - 12 months | 0 | £- | £- | 0.00 | % | |||||||||||
| 12 months + | 0 | £- | £- | 0.00 | % | |||||||||||
Total | 159,688 | £9,107,048,165.37 | £508,173.99 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ - | £- | |||||||||
| Properties in Possession | ||||
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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) | £- | £- | ||||||
| Substituted to date (since 14/06/2002) | £- | £- | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 4.26 | % | 40.71 | % | ||||
| Previous 3 Month CPR Rate | 3.50 | % | 34.79 | % | ||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
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) | 36.58 | |||
| Average Loan Size | £57,030.26 | |||
| Weighted Average Current HPI LTV (by value) | 51.36 | % | ||
| Weighted Average Current LTV (by value) | 70.04 | % |
Yield Percentage Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.57766 | % | ||
| July-02 | 0.59311 | % | ||
| June-02 | 0.61394 | % |
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report August 2002 | |||||
| Date of Report | 01/09/2002 | ||||
Product Breakdown
| Fixed Rate % | 21.34 | % | ||
| Tracker Rate % | 39.10 | % | ||
| Other Variable Rate % | 39.57 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 17,988 | £479,556,848.11 | 5.27 | % | ||||||||
| 30 - 35% | 5,430 | £223,404,116.89 | 2.45 | % | ||||||||
| 35 - 40% | 6,086 | £286,536,729.19 | 3.15 | % | ||||||||
| 40 - 45% | 6,700 | £333,712,237.82 | 3.66 | % | ||||||||
| 45 - 50% | 7,123 | £384,119,569.41 | 4.22 | % | ||||||||
| 50 - 55% | 7,945 | £462,379,432.17 | 5.08 | % | ||||||||
| 55 - 60% | 8,351 | £524,827,589.66 | 5.76 | % | ||||||||
| 60 - 65% | 8,837 | £560,843,819.59 | 6.16 | % | ||||||||
| 65 - 70% | 9,760 | £641,580,875.87 | 7.04 | % | ||||||||
| 70 - 75% | 11,417 | £787,649,329.37 | 8.65 | % | ||||||||
| 75 - 80% | 9,966 | £669,222,780.45 | 7.35 | % | ||||||||
| 80 - 85% | 13,314 | £885,830,574.42 | 9.73 | % | ||||||||
| 85 - 90% | 17,966 | £1,229,737,379.26 | 13.50 | % | ||||||||
| 90 - 95% | 16,263 | £957,513,873.95 | 10.51 | % | ||||||||
| 95 - 100% | 12,475 | £677,371,574.98 | 7.44 | % | ||||||||
| 100% + | 67 | £2,761,434.23 | 0.03 | % | ||||||||
Totals | 159,688 | £9,107,048,165.37 | 100.00 | % | ||||||||
* Using Latest Valuation
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 33,757 | £1,223,127,811.03 | 13.43 | % | ||||||||
| 30 - 35% | 10,301 | £573,073,037.32 | 6.29 | % | ||||||||
| 35 - 40% | 11,343 | £675,786,381.42 | 7.42 | % | ||||||||
| 40 - 45% | 12,623 | £794,569,615.27 | 8.72 | % | ||||||||
| 45 - 50% | 13,515 | £883,918,259.09 | 9.71 | % | ||||||||
| 50 - 55% | 13,004 | £850,810,975.83 | 9.34 | % | ||||||||
| 55 - 60% | 12,667 | £834,045,563.22 | 9.16 | % | ||||||||
| 60 - 65% | 12,403 | £810,245,601.03 | 8.90 | % | ||||||||
| 65 - 70% | 13,356 | £886,948,587.43 | 9.74 | % | ||||||||
| 70 - 75% | 13,780 | £845,911,958.55 | 9.29 | % | ||||||||
| 75 - 80% | 9,103 | £513,387,651.31 | 5.64 | % | ||||||||
| 80 - 85% | 3,285 | £181,800,251.01 | 2.00 | % | ||||||||
| 85 - 90% | 488 | £29,184,570.64 | 0.32 | % | ||||||||
| 90 - 95% | 44 | £2,957,972.32 | 0.03 | % | ||||||||
| 95 - 100% | 19 | £1,279,929.91 | 0.01 | % | ||||||||
| 100% + | 0 | £- | 0.00 | % | ||||||||
Totals | 159,688 | £9,107,048,165.37 | 100.00 | % | ||||||||
** Using Latest Valuation Adjusted for changes in the HPI index
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | |||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.77750 | % | -0.020 | % | ||||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.270 | % | ||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.050 | % | ||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | ||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.280 | % | ||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.180 | % | ||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.88358 | % | 0.125 | % | ||||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.88358 | % | 0.300 | % | ||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.88358 | % | 1.200 | % | ||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.16674 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.16674 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.16674 | % | 1.200 | % | |||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £59,000,000.00 | |||
| Drawings this period | £- | |||
| Top-up this period* | £- | |||
| Current Balance | £59,000,000.00 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £- | |||
| Drawings this period | £- | |||
| Liquidity Repaid this period | £- | |||
| Closing balance for period | £- |
*Top-ups, only occur at the end of each quarter.
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 14/06/2002 to 10/09/2002 August 2002 01/09/2002 |
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
| Month | Pool Balance | Issuer Share | Seller Share | Funding | Seller | ||||||||||||||||
| June 2002 | £9,986,738,931.25 | £3,478,576,310.00 | £6,508,162,621.25 | 34.83195 | % | 65.16805 | % | ||||||||||||||
| July 2002 | £9,510,152,955.95 | £3,478,576,310.00 | £6,031,576,645.95 | 36.57750 | % | 63.42250 | % | ||||||||||||||
| August 2002 | £9,107,048,165.37 | £3,478,576,310.00 | £5,628,471,855.37 | 38.19653 | % | 61.80347 | % | ||||||||||||||
Principal Ledger
| Month | Principal Received | Further Advances | Sub Total | ||||||||||
| June 2002 | £147,290,703.30 | £ — | £147,290,703.30 | ||||||||||
| July 2002 | £361,182,266.29 | £116,324,942.60 | £477,507,208.89 | ||||||||||
| August 2002 | £326,394,955.73 | £79,042,584.42 | £405,437,540.15 | ||||||||||
| £834,867,925.32 | £195,367,527.02 | £1,030,235,452.34 | |||||||||||
Principal Distribution
| Month | Funding | Seller | |||||||
| June 2002 | £ — | £147,290,703.30 | |||||||
| July 2002 | £ — | £477,507,208.89 | |||||||
| August 2002 | £ — | £405,437,540.15 | |||||||
| £ — | £1,030,235,452.34 | ||||||||
Revenue Ledger
| Month | Revenue Received | GIC Interest | Authorised Investment Income | Sub Total | |||||||||||||
| June 2002 | £23,690,841.47 | £71,708.46 | £ — | £23,762,549.93 | |||||||||||||
| July 2002 | £41,743,877.99 | £721,886.16 | £ — | £42,465,764.15 | |||||||||||||
| August 2002 | £39,773,784.75 | £820,700.33 | £ — | £40,594,485.08 | |||||||||||||
| £105,208,504.21 | £1,614,294.95 | £ — | £106,822,799.16 | ||||||||||||||
Paid to
| Month | Mortgage Trustee | Administrator | Available Revenue | ||||||||||
| June 2002 | £ — | £81,007.94 | £23,681,541.99 | ||||||||||
| July 2002 | £ — | £147,720.36 | £42,318,043.79 | ||||||||||
| August 2002 | £ — | £147,720.36 | £40,446,764.72 | ||||||||||
| £ — | £376,448.66 | £106,446,350.50 | |||||||||||
Revenue Distribution
| Month | Funding | Seller | |||||||
| June 2002 | £8,142,331.52 | £15,539,210.47 | |||||||
| July 2002 | £14,747,901.26 | £27,570,142.53 | |||||||
| August 2002 | £14,812,479.82 | £25,634,284.91 | |||||||
| £37,676,948.91 | £68,769,401.59 | ||||||||
Losses Ledger
| Month | Losses | |||
| Balance b/fwd | £ — | |||
| June 2002 | £ — | |||
| July 2002 | £ — | |||
| August 2002 | £ — | |||
| Closing Balance | £ — | |||
| Permanent Mortgages Trustees Limited | Quarter | 14/06/2002 to 10/09/2002 | |||
| Monthly Report August 2002 | |||||
| Date of Report | 01/09/2002 | ||||
Losses Distribution
| Month | Funding | Seller | Reconciliation | ||||||||||
| June 2002 | £- | £- | £- | ||||||||||
| July 2002 | £- | £- | £- | ||||||||||
| August 2002 | £- | £- | £- | ||||||||||
| £- | £- | £- | |||||||||||
CPR Analysis
| Month | 1 Month CPR | 3 Month CPR | 12 Month CPR | ||||||||||
| June 2002 | 1.46 | % | N/A | N/A | |||||||||
| July 2002 | 4.78 | % | N/A | N/A | |||||||||
| August 2002 | 4.26 | % | 3.50 | % | N/A | ||||||||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 September 2002 01/10/2002 |
Mortgages
| Number of Mortgages in Pool | 154,929 | |||
| Current Principal Balance | £8,772,564,300 | |||
| Opening Trust Assets | £100 | |||
| Total | £8,772,564,400 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 39.65290 | % | ||
| Seller Share | £5,293,987,990 | |||
| Seller Share Percentage | 60.34710 | % | ||
| Minimum Seller Share (Amount) | £438,628,218.00 | |||
| Minimum Seller Share (% of Total) | 5.00000 | % |
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 153,790 | £8,707,422,715.43 | £98,063.42 | 99.26 | % | |||||||||||
| 1 - 2 months | 989 | £57,643,457.13 | £370,329.48 | 0.66 | % | |||||||||||
| 2 - 3 months | 123 | £5,954,610.57 | £79,997.79 | 0.07 | % | |||||||||||
| 3 - 6 months | 27 | £1,543,516.84 | £29,934.18 | 0.02 | % | |||||||||||
| 6 - 12 months | 0 | £ — | £ — | 0.00 | % | |||||||||||
| 12 months + | 0 | £ — | £ — | 0.00 | % | |||||||||||
Total | 154,929 | £8,772,564,299.97 | £578,324.87 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ — | £ — | |||||||||
Properties in Possession
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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) | £ — | £ — | ||||||
| Substituted to date (since 14/06/2002) | £ — | £ — | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 3.67 | % | 36.11 | % | ||||
| Previous 3 Month CPR Rate | 4.53 | % | 42.67 | % | ||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
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) | 37.60 | |||
| Average Loan Size | £56,623.13 | |||
| Weighted Average Current HPI LTV (by value) | 51.23 | % | ||
| Weighted Average Current LTV (by value) | 69.85 | % |
Yield Percentage Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.56170 | % | ||
| August-02 | 0.57766 | % | ||
| July-02 | 0.59311 | % |
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 September 2002 01/10/2002 |
Product Breakdown
| Fixed Rate % | 21.55 | % | ||
| Tracker Rate % | 39.93 | % | ||
| Other Variable Rate % | 38.52 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 17,909 | £469,112,637.06 | 5.35 | % | ||||||||
| 30 - 35% | 5,294 | £217,663,550.34 | 2.48 | % | ||||||||
| 35 - 40% | 6,006 | £280,983,412.45 | 3.20 | % | ||||||||
| 40 - 45% | 6,546 | £324,039,119.11 | 3.69 | % | ||||||||
| 45 - 50% | 7,051 | £377,612,565.47 | 4.30 | % | ||||||||
| 50 - 55% | 7,651 | £443,807,688.45 | 5.06 | % | ||||||||
| 55 - 60% | 8,190 | £510,756,052.42 | 5.82 | % | ||||||||
| 60 - 65% | 8,495 | £538,422,944.75 | 6.14 | % | ||||||||
| 65 - 70% | 9,499 | £621,227,761.14 | 7.08 | % | ||||||||
| 70 - 75% | 11,172 | £767,884,107.16 | 8.75 | % | ||||||||
| 75 - 80% | 9,540 | £637,041,556.02 | 7.26 | % | ||||||||
| 80 - 85% | 13,085 | £864,391,403.15 | 9.85 | % | ||||||||
| 85 - 90% | 17,948 | £1,223,144,850.99 | 13.94 | % | ||||||||
| 90 - 95% | 15,299 | £886,090,893.15 | 10.10 | % | ||||||||
| 95 - 100% | 11,178 | £607,690,378.35 | 6.93 | % | ||||||||
| 100% + | 66 | £2,695,379.96 | 0.03 | % | ||||||||
Totals | 154,929 | £8,772,564,299.97 | 100.00 | % | ||||||||
*Using Latest Valuation
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 33,321 | £1,194,929,870.66 | 13.62 | % | ||||||||
| 30 - 35% | 10,080 | £555,463,745.24 | 6.33 | % | ||||||||
| 35 - 40% | 11,017 | £652,385,281.64 | 7.44 | % | ||||||||
| 40 - 45% | 12,253 | £766,750,163.02 | 8.74 | % | ||||||||
| 45 - 50% | 13,064 | £851,110,165.21 | 9.70 | % | ||||||||
| 50 - 55% | 12,545 | £817,003,583.81 | 9.31 | % | ||||||||
| 55 - 60% | 12,223 | £803,444,130.59 | 9.16 | % | ||||||||
| 60 - 65% | 11,991 | £777,973,355.05 | 8.87 | % | ||||||||
| 65 - 70% | 12,939 | £856,949,476.77 | 9.77 | % | ||||||||
| 70 - 75% | 13,181 | £803,817,694.26 | 9.16 | % | ||||||||
| 75 - 80% | 8,688 | £489,553,929.02 | 5.58 | % | ||||||||
| 80 - 85% | 3,116 | £171,887,140.96 | 1.96 | % | ||||||||
| 85 - 90% | 459 | £27,862,043.24 | 0.32 | % | ||||||||
| 90 - 95% | 36 | £2,384,429.87 | 0.03 | % | ||||||||
| 95 - 100% | 16 | £1,049,290.63 | 0.01 | % | ||||||||
| 100% + | 0 | £- | 0.00 | % | ||||||||
Totals | 154,929 | £8,772,564,299.97 | 100.00 | % | ||||||||
** Using Latest Valuation Adjusted for changes in the HPI index
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 06/10/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 06/10/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | |||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.77750 | % | -0.020 | % | ||||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.270 | % | ||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.050 | % | ||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | ||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.88358 | % | 0.280 | % | ||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.88358 | % | 1.180 | % | ||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.88358 | % | 0.125 | % | ||||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.88358 | % | 0.300 | % | ||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.88358 | % | 1.200 | % | ||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.16674 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.16674 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.16674 | % | 1.200 | % | |||||||||||
| Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £56,635,880.93 | |||
| Drawings this period | £ — | |||
| Top-up this period* | £ — | |||
| Current Balance | £56,635,880.93 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £ — | |||
| Drawings this period | £ — | |||
| Liquidity Repaid this period | £ — | |||
| Closing balance for period | £ — |
*Top-ups, only occur at the end of each quarter.
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 September 2002 01/10/2002 |
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
| Month | Pool Balance | Issuer Share | Seller Share | Funding | Seller | |||||||||||||||||
| July 2002 | £9,510,152,955.95 | £3,478,576,310.00 | £6,031,576,645.95 | 36.57750 | % | 63.42250 | % | |||||||||||||||
| August 2002 | £9,107,048,165.37 | £3,478,576,310.00 | £5,628,471,855.37 | 38.19653 | % | 61.80347 | % | |||||||||||||||
| September 2002 | £8,772,564,299.97 | £3,478,576,310.00 | £5,293,987,989.97 | 39.65290 | % | 60.34710 | % | |||||||||||||||
Principal Ledger
| Month | Principal Received | Further Advances | Sub Total | |||||||||||
| July 2002 | £361,182,266.29 | £116,324,942.60 | £477,507,208.89 | |||||||||||
| August 2002 | £326,394,955.73 | £79,042,584.42 | £405,437,540.15 | |||||||||||
| September 2002 | £265,790,177.76 | £67,987,181.37 | £333,777,359.13 | |||||||||||
| £953,367,399.78 | £263,354,708.39 | £1,216,722,108.17 | ||||||||||||
Principal Distribution
| Month | Funding | Seller | ||||||||
| July 2002 | £- | £477,507,208.89 | ||||||||
| August 2002 | £- | £405,437,540.15 | ||||||||
| September 2002 | £- | £333,777,359.13 | ||||||||
| £- | £1,216,722,108.17 | |||||||||
Revenue Ledger
| Authorised Investment | ||||||||||||||||||
| Month | Revenue Received | GIC Interest | Income | Sub Total | ||||||||||||||
| July 2002 | £41,743,877.99 | £721,886.16 | £- | £42,465,764.15 | ||||||||||||||
| August 2002 | £39,773,784.75 | £820,700.33 | £- | £40,594,485.08 | ||||||||||||||
| September 2002 | £37,328,364.93 | £655,716.29 | £- | £37,984,081.22 | ||||||||||||||
| £118,846,027.67 | £2,198,302.78 | £- | £121,044,330.45 | |||||||||||||||
Paid to
| Month | Mortgage Trustee | Administrator | Available Revenue | |||||||||||
| July 2002 | £- | £147,720.36 | £42,318,043.79 | |||||||||||
| August 2002 | £- | £147,720.36 | £40,446,764.72 | |||||||||||
| September 2002 | £- | £142,955.19 | £37,841,126.03 | |||||||||||
| £- | £438,395.91 | £120,605,934.54 | ||||||||||||
Revenue Distribution
| Month | Funding | Seller | ||||||||
| July 2002 | £14,747,901.26 | £27,570,142.53 | ||||||||
| August 2002 | £14,812,479.82 | £25,634,284.91 | ||||||||
| September 2002 | £14,476,347.15 | £23,364,778.88 | ||||||||
| £44,036,728.23 | £76,569,206.32 | |||||||||
Losses Ledger
| Month | Losses | |||
| Balance b/fwd | £- | |||
| July 2002 | £- | |||
| August 2002 | £- | |||
| September 2002 | £- | |||
| Closing Balance | £- | |||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 September 2002 01/10/2002 |
Losses Distribution
| Month | Funding | Seller | Reconciliation | |||||||||||
| July 2002 | £- | £- | £- | |||||||||||
| August 2002 | £- | £- | £- | |||||||||||
| September 2002 | £- | £- | £- | |||||||||||
| £- | £- | £- | ||||||||||||
CPR Analysis
| Month | 1 Month CPR | 3 Month CPR | 12 Month CPR | |||||||||||
| July 2002 | 4.78 | % | N/ | A | N/A | |||||||||
| August 2002 | 4.26 | % | 3.50 | % | N/A | |||||||||
| September 2002 | 3.67 | % | 4.53 | % | N/A | |||||||||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 October 2002 01/11/2002 |
Mortgages
| Number of Mortgages in Pool | 149,950 | |||
| Current Principal Balance | £8,428,137,074 | |||
| Opening Trust Assets | £100 | |||
| Total | £8,428,137,174 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 41.27337 | % | ||
| Seller Share | £4,949,560,764 | |||
| Seller Share Percentage | 58.72663 | % | ||
| Minimum Seller Share (Amount) | £421,406,856.70 | |||
| Minimum Seller Share (% of Total) | 5.00000 | % |
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 148,709 | £8,355,273,993.03 | £110,545.35 | 99.14 | % | |||||||||||
| 1 - 2 months | 1,064 | £63,966,154.69 | £396,749.15 | 0.76 | % | |||||||||||
| 2 - 3 months | 142 | £7,439,339.48 | £98,302.69 | 0.09 | % | |||||||||||
| 3 - 6 months | 35 | £1,457,586.89 | £33,537.56 | 0.02 | % | |||||||||||
| 6 - 12 months | 0 | £— | £— | 0.00 | % | |||||||||||
| 12 months + | 0 | £— | £— | 0.00 | % | |||||||||||
Total | 149,950 | £8,428,137,074.09 | £639,134.75 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £— | £— | |||||||||
Properties in Possession
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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) | ** | £— | ||||||
| Substituted to date (since 14/06/2002) | 0 | £— | ||||||
| ** | Substituted approx. £895m into trust on 5th November (post-report date event). |
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 2.74 | % | 28.33 | % | ||||
| Previous 3 Month CPR Rate | 3.56 | % | 35.26 | % | ||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
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) | 38.61 | |||
| Average Loan Size | £56,206.32 | |||
| Weighted Average Current HPI LTV (by value) | 48.27 | % | ||
| Weighted Average Current LTV (by value) | 69.67 | % |
Yield Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.447 | % |
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 October 2002 01/11/2002 |
Product Breakdown
| Fixed Rate % | 20.84 | % | ||
| Tracker Rate % | 40.84 | % | ||
| Other Variable Rate % | 38.32 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 17,820 | £459,030,169.70 | 5.45 | % | ||||||||
| 30 - 35% | 5,191 | £212,182,867.12 | 2.52 | % | ||||||||
| 35 - 40% | 5,838 | £271,831,863.33 | 3.23 | % | ||||||||
| 40 - 45% | 6,396 | £315,597,259.18 | 3.74 | % | ||||||||
| 45 - 50% | 6,830 | £362,730,710.66 | 4.30 | % | ||||||||
| 50 - 55% | 7,448 | £430,687,447.40 | 5.11 | % | ||||||||
| 55 - 60% | 7,926 | £491,636,531.49 | 5.83 | % | ||||||||
| 60 - 65% | 8,289 | £521,703,163.90 | 6.19 | % | ||||||||
| 65 - 70% | 9,198 | £599,449,242.75 | 7.11 | % | ||||||||
| 70 - 75% | 10,675 | £728,605,605.31 | 8.64 | % | ||||||||
| 75 - 80% | 9,332 | £621,713,155.30 | 7.38 | % | ||||||||
| 80 - 85% | 12,756 | £838,766,140.69 | 9.95 | % | ||||||||
| 85 - 90% | 16,932 | £1,146,502,030.17 | 13.60 | % | ||||||||
| 90 - 95% | 14,676 | £851,815,870.21 | 10.11 | % | ||||||||
| 95 - 100% | 10,574 | �� | £573,051,716.57 | 6.80 | % | |||||||
| 100% + | 69 | £2,833,300.31 | 0.03 | % | ||||||||
Totals | 149,950 | £8,428,137,074.09 | 100.00 | % | ||||||||
| * | Using Latest Valuation |
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 36,174 | £1,329,883,498.33 | 15.78 | % | ||||||||
| 30 - 35% | 10,809 | £605,101,453.08 | 7.18 | % | ||||||||
| 35 - 40% | 12,008 | £723,158,174.79 | 8.58 | % | ||||||||
| 40 - 45% | 13,267 | £840,801,430.53 | 9.98 | % | ||||||||
| 45 - 50% | 13,412 | £868,049,040.72 | 10.30 | % | ||||||||
| 50 - 55% | 13,073 | £856,271,699.02 | 10.16 | % | ||||||||
| 55 - 60% | 11,936 | £768,916,237.54 | 9.12 | % | ||||||||
| 60 - 65% | 12,743 | £831,855,538.33 | 9.87 | % | ||||||||
| 65 - 70% | 12,300 | £782,154,944.79 | 9.28 | % | ||||||||
| 70 - 75% | 9,545 | £564,572,771.47 | 6.70 | % | ||||||||
| 75 - 80% | 3,811 | £208,835,820.52 | 2.48 | % | ||||||||
| 80 - 85% | 742 | £39,736,300.78 | 0.47 | % | ||||||||
| 85 - 90% | 93 | £6,449,321.10 | 0.08 | % | ||||||||
| 90 - 95% | 24 | £1,502,968.76 | 0.02 | % | ||||||||
| 95 - 100% | 13 | £847,874.33 | 0.01 | % | ||||||||
| 100% + | 0 | £- | 0.00 | % | ||||||||
Totals | 149,950 | £8,428,137,074.09 | 100.00 | % | ||||||||
| ** | Using Latest Valuation Adjusted for changes in the HPI index |
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | �� | ||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $750,000,000.00 | 1.80000 | % | -0.020 | % | |||||||||||
| Series 1 Class B | Aa3 / AA / AA | $26,000,000.00 | 1.77500 | % | 0.270 | % | |||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $26,000,000.00 | 1.77500 | % | 1.050 | % | |||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $750,000,000.00 | 4.200 | % | |||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $26,000,000.00 | 1.77500 | % | 0.280 | % | |||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $26,000,000.00 | 1.77500 | % | 1.180 | % | |||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $1,100,000,000.00 | 1.77500 | % | 0.125 | % | |||||||||||
| Series 3 Class B | Aa3 / AA / AA | $38,500,000.00 | 1.77500 | % | 0.300 | % | |||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $38,500,000.00 | 1.77500 | % | 1.200 | % | |||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.01625 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.01625 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.01625 | % | 1.200 | % | |||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £56,635,880.93 | |||
| Drawings this period | £- | |||
| Top-up this period* | £- | |||
| Current Balance | £56,635,880.93 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £- | |||
| Drawings this period | £- | |||
| Liquidity Repaid this period | £- | |||
| Closing balance for period | £- |
| * | Top-ups, only occur at the end of each quarter. |
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 October 2002 01/11/2002 |
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
| Month | Pool Balance | Issuer Share | Seller Share | Funding | Seller | |||||||||||||||
| August 2002 | £9,107,048,165.37 | £3,478,576,310.00 | £5,628,471,855.37 | 38.19653 | % | 61.80347 | % | |||||||||||||
| September 2002 | £8,772,564,299.97 | £3,478,576,310.00 | £5,293,987,989.97 | 39.65290 | % | 60.34710 | % | |||||||||||||
| October 2002 | £8,428,137,074.09 | £3,478,576,310.00 | £4,949,560,764.09 | 41.27337 | % | 58.72663 | % | |||||||||||||
Principal Ledger
| Month | Principal Received | Further Advances | Sub Total | |||||||||
| August 2002 | £326,394,955.73 | £79,042,584.42 | £405,437,540.15 | |||||||||
| September 2002 | £265,790,177.76 | £67,987,181.37 | £333,777,359.13 | |||||||||
| October 2002 | £240,322,902.77 | 0 | ** | £240,322,902.77 | ||||||||
| £832,508,036.26 | £147,029,765.79 | £979,537,802.05 | ||||||||||
| * | No Further Advance buyback figures this month due to a change in Further Advance buyback period to 1st of next month. |
Principal Distribution
| Month | Funding | Seller | ||||||
| August 2002 | £- | £405,437,540.15 | ||||||
| September 2002 | £- | £333,777,359.13 | ||||||
| October 2002 | £- | £240,322,902.77 | ||||||
| £- | £979,537,802.05 | |||||||
Revenue Ledger
| Authorised Investment | ||||||||||||||||
| Month | Revenue Received | GIC Interest | Income | Sub Total | ||||||||||||
| August 2002 | £39,773,784.75 | £820,700.33 | £- | £40,594,485.08 | ||||||||||||
| September 2002 | £37,328,364.93 | £655,716.29 | £- | £37,984,081.22 | ||||||||||||
| October 2002 | £36,798,805.58 | £685,739.65 | £- | £37,484,545.23 | ||||||||||||
| £113,900,955.26 | £2,162,156.27 | £- | £116,063,111.53 | |||||||||||||
Paid to
| Month | Mortgage Trustee | Administrator | Available Revenue | |||||||||
| August 2002 | £- | £147,720.36 | £40,446,764.72 | |||||||||
| September 2002 | £- | £142,955.19 | £37,841,126.03 | |||||||||
| October 2002 | £- | £147,720.36 | £37,336,824.86 | |||||||||
| £- | £438,395.91 | £115,624,715.61 | ||||||||||
Revenue Distribution
| Month | Funding | Seller | ||||||
| August 2002 | £14,812,479.82 | £25,634,284.91 | ||||||
| September 2002 | £14,476,347.30 | £23,364,778.89 | ||||||
| October 2002 | £14,836,200.51 | £22,500,624.36 | ||||||
| £44,125,027.63 | £71,499,688.16 | |||||||
Losses Ledger
| Month | Losses | |||
| Balance b/fwd | £- | |||
| August 2002 | £- | |||
| September 2002 | £- | |||
| October 2002 | £- | |||
| Closing Balance | £- | |||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 October 2002 01/11/2002 |
Losses Distribution
| Month | Funding | Seller | Reconciliation | |||||||||
| August 2002 | £- | £- | £- | |||||||||
| September 2002 | £- | £- | £- | |||||||||
| October 2002 | £- | £- | £- | |||||||||
| £- | £- | £- | ||||||||||
CPR Analysis
| Month | 1 Month CPR | 3 Month CPR | 12 Month CPR | |||||||||
| August 2002 | 4.26 | % | 3.50 | % | N/A | |||||||
| September 2002 | 3.67 | % | 4.24 | % | N/A | |||||||
| October 2002 | 2.74 | % | 3.56 | % | N/A | |||||||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 November 2002 02/12/2002 |
Mortgages
| Number of Mortgages in Pool | 162,560 | |||
| Current Principal Balance | £9,092,432,812 | |||
| Opening Trust Assets | £100 | |||
| Total | £9,092,432,912 | |||
| Cash Accumulation Ledger Balance | £0 | |||
| Funding Share | £3,478,576,310 | |||
| Funding Share Percentage | 38.25793 | % | ||
| Seller Share | £5,613,856,502 | |||
| Seller Share Percentage | 61.74207 | % | ||
| Minimum Seller Share (Amount) | £0.00 | |||
| Minimum Seller Share (% of Total) | 0.00000 | % |
Arrears Analysis of non repossessed Mortgages
| Number | Principal | Arrears | % by Principal | |||||||||||||
| Less than 1 month | 161,174 | £9,010,670,267.59 | £154,060.02 | 99.10 | % | |||||||||||
| 1 - 2 months | 1,199 | £72,418,117.68 | £443,052.23 | 0.80 | % | |||||||||||
| 2 - 3 months | 128 | £6,648,946.68 | £87,372.81 | 0.07 | % | |||||||||||
| 3 - 6 months | 58 | £2,666,889.67 | £56,791.59 | 0.03 | % | |||||||||||
| 6 - 12 months | 1 | £28,590.63 | £993.30 | 0.00 | % | |||||||||||
| 12 months + | 0 | £- | £- | 0.00 | % | |||||||||||
Total | 162,560 | £9,092,432,812.26 | £742,269.95 | 100.00 | % | |||||||||||
| Properties in Possession | Number | Balance | Amount in Arrears | |||||||||
Total | 0 | £ - | £ - | |||||||||
Properties in Possession
| Number Brought Forward | 0 | |||
| Repossessed | 0 | |||
| Sold | 0 | |||
| Number Carried Forward | 0 | |||
| Average Time from Possession to Sale in days | 0 | |||
| Average Arrears at Sale | 0 | |||
| 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) | 16,209 | £898,016,408.46 | ||||||
| Substituted to date (since 14/06/2002) | 16,209 | £898,016,408.46 | ||||||
| CPR Analysis | Monthly | Annualised | ||||||
(includes redemptions and repurchases) | ||||||||
| Current 1 Month CPR Rate | 4.06 | % | 39.20 | % | ||||
| Previous 3 Month CPR Rate | 3.49 | % | 34.70 | % | ||||
| Previous 12 Month CPR Rate | N/A | N/A | ||||||
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) | 38.98 | |||
| Average Loan Size | £55,932.78 | |||
| Weighted Average Current HPI LTV (by value) | 48.61 | % | ||
| Weighted Average Current LTV (by value) | 69.45 | % |
Yield Net of Funding Swap over 3 Month Sterling LIBOR
| Current Month | 0.453 | % |
Excess Spread
| Current Month | 0.226 | % |
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 November 2002 02/12/2002 |
Product Breakdown
| Fixed Rate % | 22.11 | % | ||
| Tracker Rate % | 40.26 | % | ||
| Other Variable Rate % | 37.63 | % |
| LTV Levels Breakdown * | Number | Value | % of Total | |||||||||
| 0 - 30% | 19,423 | £495,855,883.23 | 5.45 | % | ||||||||
| 30 - 35% | 5,664 | £230,084,172.01 | 2.53 | % | ||||||||
| 35 - 40% | 6,326 | £293,857,510.16 | 3.23 | % | ||||||||
| 40 - 45% | 7,039 | £345,817,136.80 | 3.80 | % | ||||||||
| 45 - 50% | 7,441 | £394,155,897.49 | 4.33 | % | ||||||||
| 50 - 55% | 8,185 | £470,439,351.52 | 5.17 | % | ||||||||
| 55 - 60% | 8,708 | £536,645,516.53 | 5.90 | % | ||||||||
| 60 - 65% | 9,158 | £577,163,412.45 | 6.35 | % | ||||||||
| 65 - 70% | 10,123 | £662,171,091.20 | 7.28 | % | ||||||||
| 70 - 75% | 11,556 | £788,590,047.72 | 8.67 | % | ||||||||
| 75 - 80% | 10,146 | £671,965,908.14 | 7.39 | % | ||||||||
| 80 - 85% | 13,850 | £908,055,345.73 | 9.99 | % | ||||||||
| 85 - 90% | 17,585 | £1,178,108,104.06 | 12.96 | % | ||||||||
| 90 - 95% | 15,990 | £927,032,826.69 | 10.20 | % | ||||||||
| 95 - 100% | 11,285 | £609,081,924.08 | 6.70 | % | ||||||||
| 100% + | 81 | £3,408,684.45 | 0.04 | % | ||||||||
Totals | 162,560 | £9,092,432,812.26 | 100.00 | % | ||||||||
* Using Latest Valuation
| HPI LTV Levels Breakdown ** | Number | Value | % of Total | |||||||||
| 0 - 30% | 39,061 | £1,419,104,477.40 | 15.61 | % | ||||||||
| 30 - 35% | 11,647 | £640,704,497.64 | 7.05 | % | ||||||||
| 35 - 40% | 12,898 | £769,915,856.58 | 8.47 | % | ||||||||
| 40 - 45% | 14,141 | £889,311,018.54 | 9.78 | % | ||||||||
| 45 - 50% | 14,530 | £936,774,428.25 | 10.30 | % | ||||||||
| 50 - 55% | 14,067 | £912,180,494.99 | 10.03 | % | ||||||||
| 55 - 60% | 12,945 | £829,998,439.29 | 9.13 | % | ||||||||
| 60 - 65% | 13,766 | £896,123,360.24 | 9.86 | % | ||||||||
| 65 - 70% | 13,263 | £841,313,802.72 | 9.25 | % | ||||||||
| 70 - 75% | 10,380 | £616,838,724.39 | 6.78 | % | ||||||||
| 75 - 80% | 4,369 | £248,811,499.35 | 2.74 | % | ||||||||
| 80 - 85% | 1,099 | £65,230,084.97 | 0.72 | % | ||||||||
| 85 - 90% | 318 | £20,808,701.92 | 0.23 | % | ||||||||
| 90 - 95% | 50 | £3,497,895.80 | 0.04 | % | ||||||||
| 95 - 100% | 26 | £1,819,530.18 | 0.02 | % | ||||||||
| 100% + | 0 | £- | 0.00 | % | ||||||||
Totals | 162,560 | £9,092,432,812.26 | 100.00 | % | ||||||||
** Using Latest Valuation Adjusted for changes in the HPI index
| Current HVR1 Rate | 5.75 | % | ||
| Effective Date of Change | 10/6/2001 | |||
| Current HVR2 Rate | 5.00 | % | ||
| Effective Date of Change | 10/6/2001 |
Notes
| Rating (S&P/Moodys/Fitch) | Outstanding | Reference Rate | Margin | ||||||||||||||
Permanent Financing No. 1 | |||||||||||||||||
| Series 1 Class A | P-1 / A-1+ / F1+ | $ | 750,000,000.00 | 1.37875 | % | -0.020 | % | ||||||||||
| Series 1 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.77500 | % | 0.270 | % | ||||||||||
| Series 1 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.77500 | % | 1.050 | % | ||||||||||
| Series 2 Class A | Aaa / AAA / AAA | $ | 750,000,000.00 | 4.200 | % | ||||||||||||
| Series 2 Class B | Aa3 / AA / AA | $ | 26,000,000.00 | 1.77500 | % | 0.280 | % | ||||||||||
| Series 2 Class C | Baa2 / BBB / BBB | $ | 26,000,000.00 | 1.77500 | % | 1.180 | % | ||||||||||
| Series 3 Class A | Aaa / AAA / AAA | $ | 1,100,000,000.00 | 1.77500 | % | 0.125 | % | ||||||||||
| Series 3 Class B | Aa3 / AA / AA | $ | 38,500,000.00 | 1.77500 | % | 0.300 | % | ||||||||||
| Series 3 Class C | Baa2 / BBB / BBB | $ | 38,500,000.00 | 1.77500 | % | 1.200 | % | ||||||||||
| Series 4 Class A1 | Aaa / AAA / AAA | €750,000,000.00 | 5.100 | % | |||||||||||||
| Series 4 Class A2 | Aaa / AAA / AAA | £1,000,000,000.00 | 4.01625 | % | 0.180 | % | |||||||||||
| Series 4 Class B | Aa3 / AA / AA | £52,000,000.00 | 4.01625 | % | 0.300 | % | |||||||||||
| Series 4 Class C | Baa2 / BBB / BBB | £52,000,000.00 | 4.01625 | % | 1.200 | % | |||||||||||
| First Reserve Fund Requirement | £69,000,000.00 | |||
| Balance brought forward | £56,635,880.93 | |||
| Drawings this period | £- | |||
| Top-up this period* | £- | |||
| Current Balance | £56,635,880.93 | |||
| Liquidity Facility Available Amount | £60,000,000.00 | |||
| Balance brought forward | £- | |||
| Drawings this period | £- | |||
| Liquidity Repaid this period | £- | |||
| Closing balance for period | £- |
*Top-ups, only occur at the end of each quarter.
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 November 2002 02/12/2002 |
Trigger Events:
Non-asset trigger events:
The Seller suffers an Insolvency Event.
The role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.
The current Seller’s Share at any time is equal to or less than the Minimum Seller Share.
The outstanding principal balance of the trust property is less than £8bn to June 2005, and £4bn to June 2007.
Asset trigger events:
There has been a debit to the AAA Principal Deficiency Sub-Ledger.
No Trigger Events have Occurred
Funding Seller Share Ledger
| Month | Pool Balance | Issuer Share | Seller Share | Funding | Seller | ||||||||||||||||
| September 2002 | £8,772,564,299.97 | £3,478,576,310.00 | £5,293,987,989.97 | 39.65290 | % | 60.34710 | % | ||||||||||||||
| October 2002 | £8,428,137,074.09 | £3,478,576,310.00 | £4,949,560,764.09 | 41.27337 | % | 58.72663 | % | ||||||||||||||
| November 2002 | £9,092,432,812.00 | £3,478,576,310.00 | £5,613,856,502.00 | 38.25793 | % | 61.74207 | % | ||||||||||||||
Principal Ledger
| Month | Principal Received | Further Advances | Sub Total | ||||||||||
| September 2002 | £265,790,177.76 | £67,987,181.37 | £333,777,359.13 | ||||||||||
| October 2002 | £240,322,902.77 | £- | £240,322,902.77 | ||||||||||
| November 2002 | £237,355,264.98 | £104,943,530.74 | £342,298,795.72 | ||||||||||
| £743,468,345.51 | £172,930,712.11 | £916,399,057.62 | |||||||||||
Principal Distribution
| Month | Funding | Seller | |||||||
| September 2002 | £- | £333,777,359.13 | |||||||
| October 2002 | £- | £240,322,902.77 | |||||||
| November 2002 | £- | £342,298,795.72 | |||||||
| £- | £916,399,057.62 | ||||||||
Revenue Ledger
| Month | Revenue Received | GIC Interest | Authorised Investment Income | Sub Total | |||||||||||||
| September 2002 | £37,328,364.93 | £655,716.29 | £- | £37,984,081.22 | |||||||||||||
| October 2002 | £36,798,805.58 | £685,739.65 | £- | £37,484,545.23 | |||||||||||||
| November 2002 | £37,720,953.28 | £761,460.62 | £- | £38,482,413.90 | |||||||||||||
| £111,848,123.79 | £2,102,916.56 | £- | £113,951,040.35 | ||||||||||||||
Paid to
| Month | Mortgage Trustee | Administrator | Available Revenue | ||||||||||
| September 2002 | £- | £142,955.19 | £37,841,126.03 | ||||||||||
| October 2002 | £- | £147,720.36 | £37,336,824.86 | ||||||||||
| November 2002 | £- | £142,955.19 | £38,339,458.71 | ||||||||||
| £- | £433,630.74 | £113,517,409.60 | |||||||||||
Revenue Distribution
| Month | Funding | Seller | |||||||
| September 2002 | £14,476,347.30 | £23,364,778.89 | |||||||
| October 2002 | £14,836,200.51 | £22,500,624.36 | |||||||
| November 2002 | £15,859,382.34 | £22,480,076.37 | |||||||
| £45,171,930.15 | £68,345,479.62 | ||||||||
Losses Ledger
| Month | Losses | |||
| Balance b/fwd | £- | |||
| September 2002 | £- | |||
| October 2002 | £- | |||
| November 2002 | £- | |||
| Closing Balance | £- | |||
| Permanent Mortgages Trustees Limited Monthly Report Date of Report | Quarter 10/09/2002 to 10/12/2002 November 2002 02/12/2002 |
Losses Distribution
| Month | Funding | Seller | Reconciliation | ||||||||||
| September 2002 | £- | £- | £- | ||||||||||
| October 2002 | £- | £- | £- | ||||||||||
| November 2002 | £- | £- | £- | ||||||||||
| £- | £- | £- | |||||||||||
CPR Analysis
| Month | 1 Month CPR | 3 Month CPR | 12 Month CPR | |||||||||||
| September 2002 | 3.67 | % | 4.24 | % | N/A | |||||||||
| October 2002 | 2.74 | % | 3.56 | % | N/A | |||||||||
| November 2002 | 4.06 | % | 3.49 | % | N/A | |||||||||
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. 1) PLC (Registrant) | ||
| Date November 4, 2002 | By: Title: | /s/ David Balai David Balai Director |
| PERMANENT FUNDING (NO. 1) LIMITED (Registrant) | ||
| Date November 4, 2002 | By: Title: | /s/ David Balai David Balai Director |
| PERMANENT MORTGAGES TRUSTEE LIMITED (Registrant) | ||
| Date November 4, 2002 | By: Title: | /s/ David Balai David Balai Director |
