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 November, 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...........
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: 18 December 2002
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
------------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 18 December 2002
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Richard Gough
--------------------------
Name: Richard Gough
Title: Director
Date: 18 December 2002
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 02-1 PLC
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Monthly Report re: Granite Mortgages 02-1 Plc, Granite Finance Trustees Limited
and Granite Finance Funding Limited
Period 1 November 2002 - 30 November 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 119,407
Current Balance (pound)7,649,691,648
Last Months Closing Trust Assets (pound)8,013,369,015
Funding share (pound)7,128,545,263
Funding Share Percentage 93.19%
Seller Share (pound)521,146,385
Seller Share Percentage 6.81%
Minimum Seller Share (Amount) (pound)159,516,543
Minimum Seller Share (% of Total) 2.09%
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Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal ((pound)) Arrears ((pound)) By Principal (%)
< 1 Month 118,451 7,590,567,696 0 99.23%
> = 1 < 3 Months 817 51,208,484 469,565 0.67%
> = 3 < 6 Months 109 6,409,468 146,676 0.08%
> = 6 < 9 Months 24 1,222,060 49,948 0.02%
> = 9 < 12 Months 5 233,415 15,656 0.00%
> = 12 Months 1 50,525 1,064 0.00%
Total 119,407 7,649,691,648 682,909 100.00%
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Properties in Possession
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Number Principal ((pound)) Arrears ((pound))
Total (since inception) 10 522,289 25,258
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Properties in Possession 10
Number Brought Forward 9
Repossessed 0
Sold 3
Number Carried Forward 0
Average Time from Possession to Sale 121 days
Average Arrears at Sale (pound)1,846
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 4.75% 44.26%
Previous Month CPR Rate 4.51% 42.50%
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Weighted Average Seasoning (by value) Months 29.09
Weighted Average Remaining Term (by value) Years 19.40
Average Loan Size (pound)64,064
Weighted Average LTV (by value) 76.60%
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Product Breakdown
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Fixed Rate (by balance) 31.30%
Flexible - Together (by balance) 27.78%
Variable (by balance) 40.92%
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 3,179 2.66% 203,481,798 2.66%
East Midlands 10,576 8.86% 595,910,979 7.79%
Greater London 14,053 11.77% 1,350,935,545 17.66%
North 18,684 15.65% 860,590,310 11.25%
North West 17,029 14.26% 911,843,244 11.92%
South East 18,762 15.71% 1,581,956,233 20.68%
South West 8,789 7.36% 595,910,979 7.79%
Wales 5,389 4.51% 284,568,529 3.72%
West Midlands 8,636 7.23% 521,708,970 6.82%
Yorkshire 14,310 11.98% 742,785,059 9.71%
Total 119,407 100.00% 7,649,691,648 100.00%
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LTV Levels Breakdown
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Number Value ((pound)) % of Total
< 10% 366 6,884,722 0.09%
> = 10% < 20% 1,300 45,898,150 0.60%
> = 20% < 30% 2,687 126,984,881 1.66%
> = 30% < 40% 4,447 261,619,454 3.42%
> = 40% < 50% 6,119 411,553,411 5.38%
> = 50% < 60% 8,344 608,915,455 7.96%
> = 60% < 70% 10,428 792,508,055 10.36%
> = 70% < 80% 16,201 1,148,218,716 15.01%
> = 80% < 90% 31,409 2,030,993,133 26.55%
> = 90% < 95% 27,616 1,656,923,211 21.66%
> = 95% < 100% 10,463 557,662,521 7.29%
> = 100% 27 1,529,938 0.02%
Total 119,407 7,649,691,648 100.00%
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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 02-1 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $437,200,000 Aaa/AAA/AAA 1.94% 0.10%
A2 $1,274,400,000 Aaa/AAA/AAA 2.00% 0.16%
B $69,700,000 Aa3/AA/AA 2.17% 0.33%
C $96,500,000 Baa2/BBB/BBB 3.14% 1.30%
Series 2
A (pound)460,000,000 Aaa/AAA/AAA 4.20% 0.20%
B (pound)16,200,000 Aa3/AA/AA 4.35% 0.35%
C (pound)22,500,000 Baa2/BBB/BBB 5.30% 1.30%
D (pound)15,000,000 Ba2/BB+/BB+ 8.50% 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 3.66% 0.30%
C (euro)29,300,000 Baa2/BBB/BBB 4.71% 1.30%
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Credit Enhancement
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% of Funding Share
Class B Notes ((pound)Equivalent) (pound)78,633,262 1.10%
Class C Notes ((pound)Equivalent) (pound)108,993,167 1.53%
Class D Notes (pound)15,000,000 0.21%
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Granite Mortgages 02-1 Reserve Fund Requirement (pound)34,372,240 0.48%
Balance Brought Forward (pound)34,372,240 0.48%
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 0.48%
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Funding Reserve Balance (pound)11,810,171 0.17%
Funding Reserve % 0.5% NA
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*Top-ups only occur at the end of each quarter.