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 April, 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: 23 May 2003
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Nigel Charles Bradley
----------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 23 May 2003
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Richard Gough
----------------------------
Name: Richard Gough
Title: Director
Date: 23 May 2003
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 02-1
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Monthly Report re: Granite Mortgages 02-1 Plc, Granite Finance Trustees Limited
and Granite Finance Funding Limited
Period 1 April 2003 - 30 April 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 194,814
Current Balance (pound)13,407,612,871
Last Months Closing Trust Assets (pound)10,472,541,906
Funding share (pound)9,704,921,815
Funding Share Percentage 72.38%
Seller Share (pound)3,702,691,056
Seller Share Percentage 27.62%
Minimum Seller Share (Amount) (pound)369,452,518
Minimum Seller Share (% of Total) 2.76%
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Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal (pound) Arrears (pound) By Principal (%)
< 1 Month 192,639 13,275,167,083 0 99.01%
> = 1 <3 Months 1,863 114,688,907 995,846 0.86%
> = 3 <6 Months 264 15,231,932 367,237 0.11%
> = 6 <9 Months 38 2,212,831 98,527 0.02%
> = 9 <12 Months 7 226,346 13,234 0.00%
> = 12 Months 3 85,772 20,632 0.00%
Total 194,814 13,407,612,871 1,495,476 100.00%
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Properties in Possession
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Number Principal (pound) Arrears (pound)
Total (since inception) 27 1,323,463 57,453
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Properties in Possession 11
Number Brought Forward 9
Repossessed (Current Month) 2
Sold (since inception) 16
Sold (current month) 3
Sale Price /Last Loan Valuation 1.06
Average Time from Possession to Sale (days) 115
Average Arrears at Sale (pound)2,081
Average Principal Loss (Since inception)* (pound)815
Average Principal Loss (current month)** (pound)0
MIG Claims Submitted 3
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.
**This figure is calculated taking the cumulative principal losses for the
current month pre MIG claims divided by the number of properties sold in the
current month.
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 43,254 (pound)3,526,069,110
Substituted to date (since 26 March 2001) 238,932 (pound)16,995,302,553
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 4.83% 44.77%
Previous Month CPR Rate 4.91% 44.60%
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Weighted Average Seasoning (by value) Months 22.59
Weighted Average Remaining Term (by value) Years 20.19
Average Loan Size (pound)68,823
Weighted Average LTV (by value) 75.97%
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Product Breakdown
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Fixed Rate (by balance) 42.60%
Together (by balance) 31.66%
Capped (by balance) 3.22%
Variable (by balance) 22.28%
Tracker (by balance) 0.25%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (pound)) % of Total
East Anglia 4,706 2.42% 323,123,470 2.41%
East Midlands 16,610 8.53% 1,001,548,681 7.47%
Greater London 22,665 11.63% 2,475,045,336 18.46%
North 28,070 14.41% 1,342,102,048 10.01%
North West 29,072 14.92% 1,623,661,919 12.11%
South East 30,686 15.75% 2,807,554,135 20.94%
South West 14,345 7.36% 1,057,860,656 7.89%
Wales 9,669 4.96% 530,941,470 3.96%
West Midlands 14,873 7.63% 941,214,424 7.02%
Yorkshire 24,118 12.38% 1,304,560,732 9.73%
Total 194,814 100% 13,407,612,871 100%
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LTV Levels Breakdown
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Number Value (pound)) % of Total
0% <25% 7,368 201,114,193 1.50%
> = 25% <50% 20,217 1,356,850,423 10.12%
> = 50% <60% 13,376 1,072,609,030 8.00%
> = 60% <65% 7,720 648,928,463 4.84%
> = 65% <70% 9,164 772,278,501 5.76%
> = 70% <75% 16,324 1,256,293,326 9.37%
> = 75% <80% 12,451 1,014,956,294 7.57%
> = 80% <85% 13,216 990,822,591 7.39%
> = 85% <90% 35,157 2,377,169,762 17.73%
> = 90% <95% 44,426 2,867,888,393 21.39%
> = 95% <100% 15,306 844,679,611 6.30%
> = 100% 89 4,022,284 0.03%
Total 194,814 13,407,612,871 100.0%
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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 $191,000,000 Aaa/AAA/AAA 1.43% 0.10%
A2 $1,274,400,000 Aaa/AAA/AAA 1.49% 0.16%
B $69,700,000 Aa3/AA/AA 1.66% 0.33%
C $96,500,000 Baa2/BBB/BBB 2.63% 1.30%
Series 2
A (pound)460,000,000 Aaa/AAA/AAA 3.85% 0.20%
B (pound)16,200,000 Aa3/AA/AA 4.00% 0.35%
C (pound)22,500,000 Baa2/BBB/BBB 4.95% 1.30%
D (pound)14,000,000 Ba2/BB+/BB+ 8.15% 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 2.86% 0.30%
C (euro)29,300,000 Baa2/BBB/BBB 3.86% 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)14,000,000 0.14%
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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)23,315,837 0.24%
Funding Reserve % 0.6% NA
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*Top-ups only occur at the end of each quarter.