FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Registrants
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of October, 2002
GRANITE MORTGAGES 01-1 PLC
(Translation of registrant's name into English)
Fifth Floor, 100 Wood Street,
London EC2V 7EX, England
(Address of principal executive offices)
GRANITE FINANCE TRUSTEES LIMITED
(Translation of registrant's name into English)
22 Grenville Street, St Helier,
Jersey JE4 8PX, Channel Islands
(Address of principal executive offices)
GRANITE FINANCE FUNDING LIMITED
(Translation of registrant's name into English)
35 New Bridge Street, 4th Floor,
Blackfriars, London EC4V 6BW,
England
(Address of principal executive offices)
Indicate by check mark whether the registrants file or will file
annual reports under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F
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Indicate by check mark whether the registrants by furnishing the
information contained in this Form are also thereby furnishing the information
to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.
Yes No X
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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.
GRANITE MORTGAGES 01-1 PLC
By: /s/ Clive Rakestrow
---------------------
Name: L.D.C. Securitisation Director
No. 1 Limited by its authorized person
Clive Rakestrow for and on its behalf
Title: Director
Date: 25 November 2002
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Nigel Charles Bradley
---------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 25 November 2002
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Richard Gough
-------------------
Name: Richard Gough
Title: Director
Date: 25 November 2002
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 01-1 PLC
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Monthly Report re: Granite Finance Trustees Limited, Granite Mortgages 01-1 Plc,
and Granite Finance Funding Limited
Period 1 October 2002 - 31 October 2002
N.B. this data fact sheet and its notes can only be a summary of certain
features of the bonds and their structure. No representation can be made that
the information herein is accurate or complete and no liability is accepted
therefor. Reference should be made to the issue documentation for a full
description of the bonds and their structure. This data fact sheet and its
notes are for information purposes only and are not intended as an offer or
invitation with respect to the purchase or sale of any security. Reliance
should not be placed on the information herein when making any decision
whether to buy, hold or sell bonds (or other securities) or for any other
purpose.
Mortgage Loans
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Number of Mortgage Loans in Pool 124,624
Current Balance (pound)8,013,369,016
Last Months Closing Trust Assets (pound)8,374,553,454
Funding share (pound)7,318,062,928
Funding Share Percentage 91.32%
Seller Share (pound)695,306,088
Seller Share Percentage 8.68%
Minimum Seller Share (Amount) (pound)166,524,508
Minimum Seller Share (% of Total) 2.08%
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Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal ((pound)) Arrears ((pound)) By Principal (%)
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< 1 Month 123,696 7,960,648,908 0 99.34%
> = 1 <3 Months 805 46,720,630 427,559 0.58%
> = 3 <6 Months 97 4,704,983 111,276 0.06%
> = 6 <9 Months 22 1,134,145 46,697 0.01%
> = 9 <12 Months 2 99,906 8,411 0.00%
> = 12 Months 2 60,444 55,496 0.00%
Total 124,624 8,013,369,016 649,439 100.00%
Properties in Possession
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Number Principal ((pound)) Arrears ((pound))
Total (since inception) 9 432,568 19,932
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Properties in Possession 7
Number Brought Forward 4
Repossessed 0
Sold 2
Number Carried Forward 0
Average Time from Possession to Sale 144 days
Average Arrears at Sale (pound)974
MIG Claims Submitted 2
MIG Claims Outstanding 0
Average Time from Claim to Payment 69
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Note: The arrears analysis and repossession information is at close of
business for the report month
Substitution
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Number Principal ((pound))
Substituted this period 0 (pound)0
Substituted to date (since 26 March 2001) 134,117 (pound)8,887,570,092
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 4.51% 42.50%
Previous Month CPR Rate 4.22% 40.13%
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Weighted Average Seasoning (by value) Months 28.09
Weighted Average Remaining Term (by value) Years 19.52
Average Loan Size (pound)64,300
Weighted Average LTV (by value) 76.79%
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Product Breakdown
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Fixed Rate (by balance) 38.26%
Flexible - Together (by balance) 28.22%
Variable (by balance) 33.52%
Tracker (by balance) 0.00%
Total 100.00%
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Geographic Analysis
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Number % of Total Value ((pound)) % of Total
East Anglia 3,340 2.68% 214,758,290 2.68%
East Midlands 11,116 8.92% 628,248,131 7.84%
Greater London 14,643 11.75% 1,409,551,610 17.59%
North 19,379 15.55% 897,497,330 11.20%
North West 17,672 14.18% 950,385,565 11.86%
South East 19,728 15.83% 1,666,780,755 20.80%
South West 9,247 7.42% 627,446,794 7.83%
Wales 5,596 4.49% 296,494,654 3.70%
West Midlands 8,998 7.22% 545,710,430 6.81%
Yorkshire 14,905 11.96% 776,495,458 9.69%
Total 124,624 100% 8,013,369,016 100%
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LTV Levels Breakdown
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Number Value ((pound)) % of Total
< 10% 345 5,609,358 0.07%
> = 10%<20% 1,306 46,477,540 0.58%
> = 20%<30% 2,736 130,617,915 1.63%
> = 30%<40% 4,538 266,845,188 3.33%
> = 40%<50% 6,309 426,311,232 5.32%
> = 50%<60% 8,601 629,049,468 7.85%
> = 60%<70% 10,821 824,575,672 10.29%
> = 70%<80% 17,075 1,211,621,395 15.12%
> = 80%<90% 32,496 2,120,337,442 26.46%
> = 90%<95% 29,151 1,754,927,815 21.90%
> = 95%<100% 11,220 595,393,318 7.43%
> = 100% 26 1,602,674 0.02%
Total 124,624 8,013,369,016 100%
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NR Current Existing Borrowers' SVR 5.85%
Effective Date of Change 1 December 2001
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Notes Granite Mortgages 01-1 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $300,000,000 Aaa/AAA/AAA 1.96% 0.12%
A2 $735,000,000 Aaa/AAA/AAA 2.05% 0.21%
B $50,000,000 Aa3/AA/AA 2.24% 0.40%
C $67,500,000 Baa2/BBB/BBB 3.24% 1.40%
Series 2
A (pound)350,000,000 Aaa/AAA/AAA 4.24% 0.24%
B (pound)10,000,000 Aa3/AA/AA 4.40% 0.40%
C (pound)15,000,000 Baa2/BBB/BBB 5.40% 1.40%
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Credit Enhancement
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% of
Funding Share
Class B Notes ((pound)Equivalent) (pound)44,345,377 0.61%
Class C Notes ((pound)Equivalent) (pound)61,366,259 0.84%
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Granite Mortgages 01-1 Reserve Fund Requirement (pound)20,000,000 0.27%
Balance Brought Forward (pound)20,000,000 0.27%
Drawings this Period (pound)0 0.00%
Reserve Fund Top-up this Period* (pound)0 0.00%
Excess Spread (pound)0 0.00%
Current Balance (pound)20,000,000 0.27%
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*Top-ups only occur at the end of each quarter.
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Funding Reserve Balance (pound)11,810,171 0.16%
Funding Reserve % 0.5% NA
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