FORM 6-K/A
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 July, 2002
GRANITE MORTGAGES 02-1 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.............
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...........
The registrants have caused this amended report to be filed pursuant to Rule
12b-15 in order to amend the arrears analysis of non-repossessed mortgage
loans contained in the report filed on 23 August 2002.
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 02-1 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
- -------------------------
GRANITE MORTGAGES 02-1 PLC
- --------------------------
Monthly Report re: Granite Mortgages 02-1 Plc, Granite Finance Trustees Limited
and Granite Finance Funding Limited
Period 1 July 2002 - 31 July 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
Number of Mortgage Loans in Pool 85,151
Current Balance (pound)5,214,106,923
Last Months Closing Trust Assets (pound)5,199,175,452
Funding share (pound)4,871,722,319
Funding Share Percentage 93.43%
Seller Share (pound)342,384,604
Seller Share Percentage 6.57%
Minimum Seller Share (Amount) (pound)107,144,214
Minimum Seller Share (% of Total) 2.05%
Arrears Analysis of Non Repossessed Mortgage Loans
xxx Number Principal (pound) Arrears (pound) By Principal (%)
< 1 Month 84,607 5,180,945,509 0 99.36%
> = 1 < 3 Months 444 27,384,208 208,977 0.53%
> = 3 < 6 Months 83 4,743,710 107,659 0.09%
> = 6 < 9 Months 15 919,528 43,284 0.02%
> = 9 < 12 Months 0 0 0 0.00%
> = 12 Months 2 113,968 6,728 0.00%
Total 85,151 5,214,106,923 366,648 100.00%
Properties in Possession
Number Principal (pound) Arrears (pound)
Total (since inception) 2 54,892 8700
Properties in Possession 1
Number Brought Forward 1
Repossessed 0
Sold 1
Number Carried Forward 0
Average Time from Possession to Sale 161
Average Arrears at Sale (pound)378
MIG Claims Submitted 1
MIG Claims Outstanding 1
Average Time from Claim to Payment 0
Note: The arrears analysis and repossession information is at
close of business for the report month
Substitution
xxx Number Principal (pound)
Substituted this period 3,943 (pound)249,995,144
Substituted to date (since 26 March 2001) 82,454 (pound)5,240,269,578
CPR Analysis
xxxx Monthly Annualised
Current Month CPR Rate 4.51% 42.51%
Previous Month CPR Rate 3.35% 33.57%
Weighted Average Seasoning (by value) Months 35.6
Weighted Average Remaining Term (by value) Years 18.77
Average Loan Size (pound)61,234
Weighted Average LTV (by value) 77.17%
Product Breakdown
Fixed Rate (by balance) 32.61%
Flexible - Together (by balance) 19.31%
Variable (by balance) 48.08%
Tracker (by balance) 0.00%
Total 100.00%
Geographic Analysis
Number % of Total Value (pound) % of Total
East Anglia 2,357 2.77% 143,387,940 2.75%
East Midlands 7,495 8.80% 408,785,983 7.84%
Greater London 10,690 12.55% 926,025,390 17.76%
North 14,814 17.40% 673,662,614 12.92%
North West 11,934 14.02% 630,906,938 12.10%
South East 13,283 15.60% 1,042,299,974 19.99%
South West 5,993 7.04% 383,758,270 7.36%
Wales 3,270 3.84% 171,544,118 3.29%
West Midlands 5,384 6.32% 317,539,112 6.09%
Yorkshire 9,931 11.66% 516,196,585 9.90%
Total 85,151 100% 5,214,106,923 100%
LTV Levels Breakdown
Number Value (pound) % of Total
< 10% 238 3,649,875 0.07%
> = 10% < 20% 954 31,284,642 0.60%
> = 20% < 30% 2,052 90,204,050 1.73%
> = 30% < 40% 3,372 181,450,921 3.48%
> = 40% < 50% 4,675 284,690,238 5.46%
> = 50% < 60% 6,293 416,607,143 7.99%
> = 60% < 70% 8,030 560,516,494 10.75%
> = 70% < 80% 11,061 765,952,307 14.69%
> = 80% < 90% 19,670 1,269,635,036 24.35%
> = 90% < 95% 18,852 1,091,833,990 20.94%
> = 95% < 100% 9,937 517,239,407 9.92%
> = 100% 17 1,042,821 0.02%
Total 85,151 5,214,106,923 100.0%
NR Current Existing Borrowers' SVR 5.85%
Effective Date of Change 1 December 2001
Notes Granite Mortgages 02-1 plc
Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $568,000,000 Aaa/AAA/AAA 1.96% 0.10%
A2 $1,274,400,000 Aaa/AAA/AAA 2.02% 0.16%
B $69,700,000 Aa3/AA/AA 2.19% 0.33%
C $96,500,000 Baa2/BBB/BBB 3.16% 1.30%
Series 2
A (pound)460,000,000 Aaa/AAA/AAA 4.22% 0.20%
B (pound)16,200,000 Aa3/AA/AA 4.37% 0.35%
C (pound)22,500,000 Baa2/BBB/BBB 5.32% 1.30%
D (pound)15,000,000 Ba2/BB+/BB+ 8.52% 4.50%
Series 3
A (euro)600,000,000 Aaa/AAA/AAA 5.15% Fixed to 04/07
B (euro)21,100,000 Aa3/AA/AA 3.76% 0.30%
C (euro)29,300,000 Baa2/BBB/BBB 4.71% 1.30%
Credit Enhancement
% of Funding Share
Class B Notes ((pound)Equivalent) (pound)78,633,262 1.61%
Class C Notes ((pound)Equivalent) (pound)108,993,167 2.24%
Class D Notes (pound)15,000,000 0.31%
Granite Mortgages 02-1 Reserve Fund Requirement (pound)34,372,240 0.71%
Balance Brought Forward (pound)34,372,240 0.71%
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)34,372,240 0.71%
- --------------------------------------------------------------------------------------------------
*Top-ups only occur at the end of each quarter.
Funding Reserve Balance (pound)11,190,645 0.23%
Funding Reserve % 0.5% NA