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 Period 1 January 2003 to 31 March 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: 22 April 2003
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Nigel Charles Bradley
-----------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 22 April 2003
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Richard Gough
-----------------------------
Name: Richard Gough
Title: Director
Date: 22 April 2003
INVESTORS' QUARTERLY REPORT
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GRANITE MORTGAGES 02-1 PLC
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Quarterly Report re: Granite Mortgages 02-1 Plc, Granite Finance Trustees
Limited and Granite Finance Funding Limited
Period 1 January 2003 - 31 March 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 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 157,189
Current Balance (pound)10,472,541,906
Last Months Closing Trust Assets (pound)10,458,964,043
Funding share (pound)9,704,921,815
Funding Share Percentage 92.67%
Seller Share (pound)767,620,091
Seller Share Percentage 7.33%
Minimum Seller Share (Amount) (pound)250,408,698
Minimum Seller Share (% of Total) 2.39%
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Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal (pound) Arrears (pound) By Principal (%)
<1 Month 155,531 10,373,099,812 0 99.05%
> = 1 <3 Months 1,426 87,094,666 921,475 0.83%
> = 3 <6 Months 183 9,928,752 279,848 0.09%
> = 6 <9 Months 38 2,033,774 100,212 0.02%
> = 9 <12 Months 9 334,783 23,190 0.00%
> = 12 Months 2 50,119 4,342 0.00%
Total 157,189 10,472,541,906 1,329,067 100.00%
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Properties in Possession
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Number Principal (pound) Arrears (pound)
Total (since inception) 25 1,235,530 55,053
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Properties in Possession 12
Number Brought Forward 9
Repossessed (Current Month) 3
Sold (since inception) 13
Sale Price/Last Loan Valuation 1.06
Average Time from Possession to Sale (days) 122
Average Arrears at Sale (pound)1,959
Average Principal Loss (Since inception)* (pound)1,003
MIG Claims Submitted 2
MIG Claims Outstanding 1
Average Time from Claim to Payment 69
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*This figure is calculated taking the cumulative principal losses since
inception pre MIG claims divided by the number of properties sold since
inception.
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 6,834 (pound)521,667,775
Substituted to date (since 26 March 2001) 195,678 (pound)13,469,233,443
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 4.91% 44.60%
Previous Month CPR Rate 5.35% 48.30%
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Weighted Average Seasoning (by value) Months 25.79
Weighted Average Remaining Term (by value) Years 19.84
Average Loan Size (pound)66,624
Weighted Average LTV (by value) 76.06%
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Product Breakdown
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Fixed Rate (by balance) 34.07%
Together (by balance) 31.13%
Capped (by balance) 4.13%
Variable (by balance) 30.58%
Tracker (by balance) 0.09%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (pound) % of Total
East Anglia 3,915 2.49% 261,582,890 2.50%
East Midlands 13,411 8.53% 788,233,034 7.53%
Greater London 18,088 11.51% 1,875,841,772 17.91%
North 23,475 14.93% 1,105,664,273 10.56%
North West 23,176 14.74% 1,266,265,330 12.09%
South East 24,584 15.64% 2,165,334,629 20.68%
South West 11,686 7.43% 833,130,876 7.96%
Wales 7,597 4.83% 409,552,792 3.91%
West Midlands 11,858 7.54% 737,600,981 7.04%
Yorkshire 19,399 12.34% 1,029,335,329 9.83%
Total 157,189 100% 10,472,541,906 100%
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LTV Levels Breakdown
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Number Value (pound) % of Total
0%< 25% 4,158 158,852,996 1.52%
> = 25% <50% 16,608 1,068,964,508 10.21%
> = 50% <60% 10,947 839,233,085 8.01%
> = 60% <65% 6,309 507,150,202 4.84%
> = 65% <70% 7,406 591,870,167 5.65%
> = 70% <75% 13,325 970,477,513 9.27%
> = 75% <80% 9,435 698,483,066 6.67%
> = 80% <85% 10,851 759,695,865 7.25%
> = 85% <90% 29,746 1,935,159,628 18.48%
> = 90% <95% 36,609 2,306,799,971 22.03%
> = 95% <100% 11,739 633,184,357 6.05%
> = 100% 56 2,670,548 0.03%
Total 157,189 10,472,541,906 100.0%
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NR Current Existing Borrowers' SVR 5.69%
Effective Date of Change 1 March 2003
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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 $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%
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Credit Enhancement
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% of Funding Share
Class B Notes (pound)Equivalent) (pound)78,633,262 0.81%
Class C Notes (pound)Equivalent) (pound)108,993,167 1.12%
Class D Notes (pound)15,000,000 0.15%
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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%
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Funding Reserve Balance (pound)15,750,058 0.16%
Funding Reserve % 0.5% NA
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*Top-ups only occur at the end of each quarter.