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 February, 2003
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: 27 March 2003
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
-------------------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 27 March 2003
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Richard Gough
-------------------------------------
Name: Richard Gough
Title: Director
Date: 27 March 2003
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 February 2003 - 28 February 2003
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 and no liability is accepted therefor.
Reference should be made to the issue documentation for a full description of
the bonds and their 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 153,716
Current Balance (pound)10,458,964,043
Last Months Closing Trust Assets (pound)11,018,446,055
Funding share (pound) 9,791,807,085
Funding Share Percentage 93.62%
Seller Share (pound) 667,156,958
Seller Share Percentage 6.38%
Minimum Seller Share (Amount) (pound) 246,357,534
Minimum Seller Share (% of Total) 2.36%
Arrears Analysis of Non Repossessed Mortgage Loans
Number Principal ((pound)) Arrears ((pound)) By Principal (%)
------- ------------------- ---------------- ----------------
<s> <c> <c> <c> <c>
< 1 Month 152,089 10,363,852,848 0 99.09%
> = 1 < 3 Months 1,411 83,670,976 866,746 0.80%
> = 3 < 6 Months 172 9,499,645 267,751 0.09%
> = 6 < 9 Months 29 1,428,611 65,520 0.01%
> = 9 < 12 Months 13 476,929 28,826 0.00%
> = 12 Months 2 35,034 15,552 0.00%
Total 153,716 10,458,964,043 1,244,395 100.00%
Properties in Possession
Number Principal ((pound)) Arrears ((pound))
------- --------------------- -----------------
Total (since 22 1,136,997 49,131
inception)
Properties in Possession 16
Number Brought Forward 13
Repossessed 0
Sold 6
Number Carried Forward 0
Average Time from Possession to Sale (days) 120
Average Arrears at Sale (pound)1,405
MIG Claims Submitted 2
MIG Claims Outstanding 0
Average Time from Claim to Payment 69
Note: The arrears analysis and repossession
information is at close of business for the report month
Substitution
Number Principal ((pound))
------ ---------
Substituted this 0 (pound)0
period
Substituted to date
(since 26 March 2001) 188,844 (pound)12,947,565,668
CPR Analysis
Monthly Annualised
------- ----------
Current Month CPR Rate 5.35% 48.30%
Previous Month CPR Rate 4.08% 37.28%
Weighted Average Seasoning
(by value) Months 24.74
Weighted Average Remaining
Term (by value) Years 19.94
Average Loan Size (pound)68,041
Weighted Average LTV (by value) 76.30%
Product Breakdown
Fixed Rate (by balance) 36.17%
Together (by balance) 31.02%
Capped (by balance) 4.25%
Variable (by balance) 28.49%
Tracker (by balance) 0.08%
Total 100.0%
Geographic Analysis
Number % of Total Value ((pound)) % of Total
------ ---------- --------------- ----------
<s> <c> <c> <c> <c>
East Anglia 3,874 2.52% 263,565,894 2.52%
East Midlands 13,143 8.55% 784,422,303 7.50%
Greater London 17,693 11.51% 1,874,246,357 17.92%
North 22,918 14.91% 1,108,650,189 10.60%
North West 22,566 14.68% 1,262,396,960 12.07%
South East 24,180 15.73% 2,167,097,350 20.72%
South West 11,498 7.48% 833,579,434 7.97%
Wales 7,408 4.82% 406,853,701 3.89%
West Midlands 11,575 7.53% 734,219,276 7.02%
Yorkshire 18,861 12.27% 1,023,932,580 9.79%
Total 153,716 100% 10,458,964,043 100%
LTV Levels Breakdown
Number Value ((pound)) % of Total
------ --------------- ----------
< 10% 2,492 11,504,860 0.11%
> = 10% < 20% 1,873 69,029,163 0.66%
> = 20% < 30% 3,795 184,077,767 1.76%
> = 30% < 40% 6,026 367,109,638 3.51%
> = 40% < 50% 8,096 568,967,644 5.44%
> = 50% < 60% 10,773 825,212,263 7.89%
> = 60% < 70% 13,484 1,083,548,675 10.36%
> = 70% < 80% 21,956 1,664,021,179 15.91%
> = 80% < 90% 38,575 2,707,825,791 25.89%
> = 90% < 95% 34,759 2,316,660,536 22.15%
> = 95% < 100% 11,834 658,914,735 6.30%
> = 100% 53 2,091,793 0.02%
Total 153,716 10,458,964,043 100.0%
NR Current Existing Borrowers' SVR 5.69%
Effective Date of Change 1 March 2003
Notes Granite Mortgages 02-1 plc
Rating
Outstanding Moodys/S&P/Fitch Reference Rate Margin
----------- ---------------- -------------- ------
Series 1
<s> <c> <c> <c> <c>
A1 $311,600,000 Aaa/AAA/AAA 1.47% 0.10%
A2 $1,274,400,000 Aaa/AAA/AAA 1.53% 0.16%
B $69,700,000 Aa3/AA/AA 1.70% 0.33%
C $96,500,000 Baa2/BBB/BBB 2.69% 1.30%
Series 2
A (pound)460,000,000 Aaa/AAA/AAA 4.17% 0.20%
B (pound)16,200,000 Aa3/AA/AA 4.32% 0.35%
C (pound)22,500,000 Baa2/BBB/BBB 5.27% 1.30%
D (pound)15,000,000 Ba2/BB+/BB+ 8.47% 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 3.18% 0.30%
C (euro)29,300,000 Baa2/BBB/BBB 4.13% 1.30%
Credit Enhancement
% of Funding Share
------------------
Class B Notes ((pound)Equivalent) (pound)78,633,262 0.80%
Class C Notes ((pound)Equivalent) (pound)108,993,167 1.11%
Class D Notes (pound)15,000,000 0.15%
Granite Mortgages 02-1 Reserve
Fund Requirement (pound)34,372,240 0.35%
Balance Brought Forward (pound)34,372,240 0.35%
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 0.35%
Funding Reserve Balance (pound)15,750,058 0.16%
Funding Reserve % 0.5% NA
*Top-ups only occur at the
end of each quarter.