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 July, 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: 26 August 2003
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Nigel Charles Bradley
-------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 26 August 2003
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Richard Gough
-----------------
Name: Richard Gough
Title: Director
Date: 26 August 2003
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 02-2 PLC
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Monthly Report re: Granite Mortgages 02-2 Plc, Granite Finance Trustees Limited
and Granite Finance Funding Limited
Period 1 July 2003 - 31 July 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 171,308
Current Balance (pound)11,974,308,627
Last Months Closing Trust Assets (pound)12,065,260,413
Funding Share (pound)11,702,472,622
Funding Share Percentage 97.73%
Seller Share (pound)271,836,005
Seller Share Percentage 2.27%
Minimum Seller Share (Amount) (pound)303,745,028
Minimum Seller Share (% of Total) 2.54%
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Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal ((pound)) Arrears ((pound)) By Principal (%)
< 1 Month 169,056 11,837,051,233 0 98.85%
> = 1 < 3 Months 1,847 114,060,019 1,031,342 0.95%
> = 3 < 6 Months 320 18,778,132 459,779 0.16%
> = 6 < 9 Months 57 3,169,568 135,168 0.03%
> = 9 < 12 Months 21 940,573 54,475 0.01%
> = 12 Months 7 309,102 96,815 0.00%
Total 171,308 11,974,308,627 1,777,579 100.00%
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Properties in Possession
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Number Principal ((pound)) Arrears ((pound))
Total (since inception) 38 1,966,533 79,221
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Properties in Possession 13
Number Brought Forward 6
Repossessed (Current Month) 7
Sold (since inception) 25
Sold (current month) 3
Sale Price / Last Loan Valuation 1.07
Average Time from Possession to Sale (days) 120
Average Arrears at Sale (pound)1,992
Average Principal Loss (Since inception)* (pound)532
Average Principal Loss (current month)** (pound)419
MIG Claims Submitted 4
MIG Claims Outstanding 1
Average Time from Claim to Payment 64
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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 5,387 (pound)499,998,942
Substituted to date (since 26 March 2001) 244,319 (pound)17,495,301,495
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 5.03% 44.96%
Previous Month CPR Rate 5.34% 48.24%
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Weighted Average Seasoning (by value) Months 24.72
Weighted Average Remaining Term (by value) Years 19.63
Average Loan Size (pound)69,899
Weighted Average LTV (by value) 75.06%
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Product Breakdown
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Fixed Rate (by balance) 42.81%
Together (by balance) 29.33%
Capped (by balance) 3.31%
Variable (by balance) 24.25%
Tracker (by balance) 0.30%
Total 100.0%
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Geographic Analysis
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Number % of Total Value ((pound)) % of Total
East Anglia 4,049 2.36% 281,396,253 2.35%
East Midlands 14,360 8.38% 881,309,115 7.36%
Greater London 20,438 11.93% 2,267,934,054 18.94%
North 24,856 14.51% 1,193,838,570 9.97%
North West 25,705 15.01% 1,445,299,051 12.07%
South East 26,950 15.73% 2,513,407,381 20.99%
South West 12,491 7.29% 938,785,796 7.84%
Wales 8,390 4.90% 463,405,744 3.87%
West Midlands 12,951 7.56% 834,609,311 6.97%
Yorkshire 21,118 12.33% 1,154,323,352 9.64%
Total 171,308 100% 11,974,308,627 100%
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LTV Levels Breakdown
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Number Value ((pound)) % of Total
0% < 25% 5,111 197,576,092 1.65%
> = 25% < 50% 19,333 1,284,843,316 10.73%
> = 50% < 60% 12,617 1,007,039,356 8.41%
> = 60% < 65% 7,230 607,097,447 5.07%
> = 65% < 70% 8,640 734,025,119 6.13%
> = 70% < 75% 14,859 1,138,756,750 9.51%
> = 75% < 80% 11,057 933,996,073 7.80%
> = 80% < 85% 12,310 930,403,780 7.77%
> = 85% < 90% 31,971 2,123,044,920 17.73%
> = 90% < 95% 36,855 2,381,689,986 19.89%
> = 95% < 100% 11,231 631,046,065 5.27%
> = 100% 94 4,789,723 0.04%
Total 171,308 11,974,308,627 100.0%
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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 02-2 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $155,000,000 Aaa/AAA/AAA 1.22% 0.11%
A2 $1,150,000,000 Aaa/AAA/AAA 1.29% 0.18%
B $60,000,000 Aa3/AA/AA 1.48% 0.37%
C $88,000,000 Baa2/BBB/BBB 2.36% 1.25%
Series 2
A (euro)1,100,000,000 Aaa/AAA/AAA 2.32% 0.19%
B (euro)41,000,000 Aa3/AA/AA 2.50% 0.37%
C (euro)53,000,000 Baa2/BBB/BBB 3.38% 1.25%
Series 3
A (pound)665,000,000 Aaa/AAA/AAA 3.60% 0.19%
B (pound)25,000,000 Aa3/AA/AA 3.78% 0.37%
C (pound)33,000,000 Baa2/BBB/BBB 4.66% 1.25%
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Credit Enhancement
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% 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%
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Granite Mortgages 02-2 Reserve Fund Requirement (pound)39,000,000 0.33%
Balance Brought Forward (pound)39,000,000 0.33%
Drawings this Period (pound)0 0.00%
Excess Spread this Period (pound)4,523,034 0.04%
Funding Reserve Fund Top-up this Period* -(pound)4,523,034 -0.04%
Current Balance (pound)39,000,000 0.33%
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Funding Reserve Balance (pound)34,266,596 0.29%
Funding Reserve % 0.6% NA
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*Top-ups only occur at the end of each quarter.