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 April 2003 to 30 June 2003
GRANITE MORTGAGES 02-2 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)
4 Royal Mint Court ,
London EC3N 4HJ, 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 02-2 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: 24 July 2003
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
---------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 24 July 2003
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Richard Gough
------------------
Name: Richard Gough
Title: Director
Date: 24 July 2003
INVESTORS' QUARTERLY REPORT
GRANITE MORTGAGES 02-2 PLC
Quarterly Report re: Granite Mortgages 02-2 Plc, Granite Finance Trustees
Limited and Granite Finance Funding Limited
Period 1 April 2003 - 30 June 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
Number of Mortgage Loans in Pool 174,121
Current Balance (pound)12,065,260,413
Last Months Closing Trust Assets (pound)12,709,533,564
Funding share (pound)11,702,472,622
Funding Share Percentage 96.99%
Seller Share (pound)362,787,791
Seller Share Percentage 3.01%
Minimum Seller Share (Amount) (pound)296,493,730
Minimum Seller Share (% of Total) 2.46%
Arrears Analysis of Non Repossessed Mortgage Loans
Principal Arrears
Number ((pound)) ((pound)) By Principal (%)
< 1 Month 172,073 11,939,603,054 0 98.96%
> = 1 < 3 Months 1,672 103,808,744 915,796 0.86%
> = 3 < 6 Months 311 18,391,331 430,150 0.15%
> = 6 < 9 Months 52 2,997,154 138,019 0.02%
> = 9 < 12 Months 10 341,990 18,357 0.00%
> = 12 Months 3 118,140 13,972 0.00%
Total 174,121 12,065,260,413 1,516,294 100.00%
Properties in Possession
Number Principal ((pound)) Arrears ((pound))
Total (since inception) 31 1,547,332 70,228
Properties in Possession 9
Number Brought Forward 9
Repossessed (Current Month) 0
Sold (since inception) 22
Sold (current month) 2
Sale Price / Last Loan Valuation 1.07
Average Time from Possession to Sale (days) 115
Average Arrears at Sale (pound)2,157
Average Principal Loss (Since inception)* (pound)539
Average Principal Loss (current month)** (pound)0
MIG Claims Submitted 3
MIG Claims Outstanding 0
Average Time from Claim to Payment 64
*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
Number Principal ((pound))
Substituted this period 0 (pound)0
Substituted to date (since 26 March 2001) 238,932 (pound)16,995,302,553
CPR Analysis
Monthly Annualised
Current Month CPR Rate 5.34% 48.24%
Previous Month CPR Rate 5.49% 49.23%
Weighted Average Seasoning (by value) Months 24.52
Weighted Average Remaining Term (by value) Years 19.98
Average Loan Size (pound)69,292
Weighted Average LTV (by value) 75.38%
Product Breakdown
Fixed Rate (by balance) 42.69%
Together (by balance) 30.47%
Capped (by balance) 3.32%
Variable (by balance) 23.24%
Tracker (by balance) 0.28%
Total 100.0%
Geographic Analysis
Number % of Total Value ((pound)) % of Total
East Anglia 4,145 2.38% 285,946,672 2.37%
East Midlands 14,686 8.43% 892,829,271 7.40%
Greater London 20,411 11.72% 2,245,344,963 18.61%
North 25,283 14.52% 1,208,939,093 10.02%
North West 26,156 15.02% 1,462,309,562 12.12%
South East 27,273 15.66% 2,524,052,478 20.92%
South West 12,725 7.31% 949,535,995 7.87%
Wales 8,627 4.95% 475,371,260 3.94%
West Midlands 13,243 7.61% 846,981,281 7.02%
Yorkshire 21,572 12.39% 1,173,949,838 9.73%
Total 174,121 100% 12,065,260,413 100%
LTV Levels Breakdown
Number Value ((pound)) % of Total
0% < 25% 4,999 193,044,167 1.60%
> = 25% < 50% 19,120 1,272,884,974 10.55%
> = 50% < 60% 12,555 1,000,210,088 8.29%
> = 60% < 65% 7,204 603,263,021 5.00%
> = 65% < 70% 8,530 719,089,521 5.96%
> = 70% < 75% 15,091 1,146,199,739 9.50%
> = 75% < 80% 11,054 909,720,635 7.54%
> = 80% < 85% 12,190 902,481,479 7.48%
> = 85% < 90% 32,708 2,177,779,505 18.05%
> = 90% < 95% 38,654 2,481,824,067 20.57%
> = 95% < 100% 11,931 655,143,640 5.43%
> = 100% 85 3,619,578 0.03%
Total 174,121 12,065,260,413 100.0%
NR Current Existing Borrowers' SVR 5.69%
Effective Date of Change 1 March 2003
Notes Granite Mortgages 02-2 plc
Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $310,000,000 Aaa/AAA/AAA 1.44% 0.11%
A2 $1,150,000,000 Aaa/AAA/AAA 1.51% 0.18%
B $60,000,000 Aa3/AA/AA 1.70% 0.37%
C $88,000,000 Baa2/BBB/BBB 2.58% 1.25%
Series 2
A (euro)1,100,000,000 Aaa/AAA/AAA 2.75% 0.19%
B (euro)41,000,000 Aa3/AA/AA 2.93% 0.37%
C (euro)53,000,000 Baa2/BBB/BBB 3.81% 1.25%
Series 3
A (pound)665,000,000 Aaa/AAA/AAA 3.84% 0.19%
B (pound)25,000,000 Aa3/AA/AA 4.02% 0.37%
C (pound)33,000,000 Baa2/BBB/BBB 4.90% 1.25%
Credit Enhancement
% of Funding Share
Class B Notes ((pound)Equivalent) (pound)90,075,869 0.77%
Class C Notes ((pound)Equivalent) (pound)123,900,819 1.06%
Granite Mortgages 02-2 Reserve Fund Requirement (pound)39,000,000 0.33%
Balance Brought Forward (pound)34,965,972 0.30%
Drawings this Period (pound)0 0.00%
Reserve Fund Top-up this Period* (pound)4,034,028 0.03%
Excess Spread (pound)0 0.00%
Current Balance (pound)39,000,000 0.33%
Funding Reserve Balance (pound)23,315,837 0.20%
Funding Reserve % 0.6% NA
*Top-ups only occur at the end of each quarter.