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 July 2003 to 30 September 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)
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 02-1 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: 24 October 2003
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
-----------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 24 October 2003
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Richard Gough
---------------------
Name: Richard Gough
Title: Director
Date: 24 October 2003
INVESTORS' QUARTERLY 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 July 2003 - 30 September 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 197,330
Current Balance (GBP)14,473,227,470
Last Months Closing Trust Assets (GBP)14,304,690,042
Funding share (GBP)13,377,683,781
Funding Share Percentage 92.43%
Seller Share* (GBP)1,095,543,689
Seller Share Percentage 7.57%
Minimum Seller Share (Amount)* (GBP)388,335,108
Minimum Seller Share (% of Total) 2.68%
Excess Spread last Quarter (% of Total) Annualised 0.45%
- -------------------------------------------------------------------------------
* Please see the Additional Notes to the Investor Reports
Arrears Analysis of Non Repossessed Mortgage Loans
- -------------------------------------------------------------------------------------------------------------------------------
Number Principal ((GBP)) Arrears ((GBP)) By Principal (%)
- -------------------------------------------------------------------------------------------------------------------------------
< 1 Month 194,673 14,300,318,123 0 98.81%
> = 1 < 3 Months 2,137 142,533,727 797,320 0.98%
> = 3 < 6 Months 417 24,348,897 378,393 0.17%
> = 6 < 9 Months 79 4,669,840 104,518 0.03%
> = 9 < 12 Months 17 1,033,620 54,331 0.01%
> = 12 Months 7 323,263 23,013 0.00%
Total 197,330 14,473,227,470 1,357,575 100.00%
- -------------------------------------------------------------------------------------------------------------------------------
Properties in Possession
- -------------------------------------------------------------------------------------------------------------------
Number Principal ((GBP)) Arrears ((GBP))
Total (since inception) 50 2,545,273 101,911
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Properties in Possession 22
Number Brought Forward 20
Repossessed (Current Month) 2
Sold (since inception) 28
Sold (current month) 2
Sale Price / Last Loan Valuation 1.07
Average Time from Possession to Sale (days) 116
Average Arrears at Sale (GBP)1,988
Average Principal Loss (Since inception)* (GBP)586
Average Principal Loss (current month)** (GBP)838
MIG Claims Submitted 7
MIG Claims Outstanding 3
Average Time from Claim to Payment 56
- -------------------------------------------------------------------------------------------------------------------
*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 ((GBP))
Substituted this period 9,120 (GBP)749,996,189
Substituted to date (since 26 March 2001) 281,291 (GBP)21,158,382,835
- -------------------------------------------------------------------------------------------------------------------
CPR Analysis
- -------------------------------------------------------------------------------------------------------------------
Monthly Annualised
Current Month CPR Rate 3.93% 38.12%
Previous Month CPR Rate 4.45% 42.03%
- -------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning (by value) Months 23.57
Weighted Average Remaining Term (by value) Years 20.02
Average Loan Size (GBP)73,345
Weighted Average LTV (by value) 74.75%
Weighted Average Indexed LTV (by value) 61.33%
- -------------------------------------------------------------------------------------------------------------------
Product Breakdown
- -------------------------------------------------------------------------------------------------------------------
Fixed Rate (by balance) 50.13%
Together (by balance) 27.07%
Capped (by balance) 2.49%
Variable (by balance) 19.52%
Tracker (by balance) 0.79%
Total 100.0%
- -------------------------------------------------------------------------------------------------------------------
Geographic Analysis
- --------------------------------------------------------------------------------------------------------------------
Number % of Total Value ((GBP)) % of Total
East Anglia 4,551 2.31% 329,991,866 2.28%
East Midlands 16,127 8.17% 1,036,290,247 7.16%
Greater London 24,398 12.36% 2,835,324,851 19.59%
North 28,160 14.27% 1,402,465,432 9.69%
North West 29,759 15.08% 1,742,588,627 12.04%
South East 31,294 15.86% 3,059,661,427 21.14%
South West 14,209 7.20% 1,130,366,875 7.81%
Wales 9,604 4.87% 549,986,444 3.80%
West Midlands 14,927 7.56% 1,010,238,257 6.98%
Yorkshire 24,301 12.31% 1,376,413,442 9.51%
Total 197,330 100% 14,473,327,470 100%
- --------------------------------------------------------------------------------------------------------------------
LTV Levels Breakdown
- --------------------------------------------------------------------------------------------------------------------
Number Value ((GBP)) % of Total
0% < 25% 5,996 235,915,238 1.63%
> = 25% < 50% 23,154 1,583,382,025 10.94%
> = 50% < 60% 15,137 1,238,916,831 8.56%
> = 60% < 65% 8,778 758,402,359 5.24%
> = 65% < 70% 10,269 903,135,634 6.24%
> = 70% < 75% 16,718 1,359,045,449 9.39%
> = 75% < 80% 13,957 1,293,915,476 8.94%
> = 80% < 85% 14,810 1,201,286,180 8.30%
> = 85% < 90% 33,184 2,252,049,754 15.56%
> = 90% < 95% 40,731 2,783,220,872 19.23%
> = 95% < 100% 14,454 856,820,986 5.92%
> = 100% 142 7,236,664 0.05%
Total 197,330 14,473,327,470 100.0%
- --------------------------------------------------------------------------------------------------------------------
Repayment Method
- --------------------------------------------------------------------------------------------------------------------
Number Value ((GBP)) % of Total
Endowment 34,126 2,383,757,034 16.47%
Interest Only 14,290 1,596,408,020 11.03%
Pension Policy 697 66,577,306 0.46%
Personal Equity Plan 1,484 102,760,625 0.71%
Repayment 146,733 10,323,824,484 71.33%
Total 197,330 14,473,327,470 100.00%
- --------------------------------------------------------------------------------------------------------------------
Employment Status
- --------------------------------------------------------------------------------------------------------------------
Number Value ((GBP)) % of Total
Full Time 176,735 12,557,058,913 86.76%
Part Time 2,461 134,601,945 0.93%
Retired 480 15,920,660 0.11%
Self Employed 15,733 1,678,905,987 11.60%
Other 1,921 86,839,965 0.60%
Total 197,330 14,473,327,470 100.00%
- --------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------
NR Current Existing Borrowers' SVR 5.49%
Effective Date of Change 1 August 2003
- -----------------------------------------------------------------------------------------------
Notes Granite Mortgages 02-1 plc
- --------------------------------------------------------------------------------------------------------------------------
Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $75,200,000 Aaa/AAA/AAA 1.21% 0.10%
A2 $1,274,400,000 Aaa/AAA/AAA 1.27% 0.16%
B $69,700,000 Aa3/AA/AA 1.44% 0.33%
C $96,500,000 Baa2/BBB/BBB 2.41% 1.30%
Series 2
A (GBP)460,000,000 Aaa/AAA/AAA 3.61% 0.20%
B (GBP)16,200,000 Aa3/AA/AA 3.76% 0.35%
C (GBP)22,500,000 Baa2/BBB/BBB 4.71% 1.30%
D (GBP)13,000,000 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 2.43% 0.30%
C (euro)29,300,000 Baa2/BBB/BBB 3.43% 1.30%
- --------------------------------------------------------------------------------------------------------------------------
Credit Enhancement
- --------------------------------------------------------------------------------------------------------------------------
% of Notes Outstanding
Class B Notes ((GBP)Equivalent) (GBP)78,633,262 3.95%
Class C Notes ((GBP)Equivalent) (GBP)108,993,167 5.48%
Class D Notes (GBP)14,000,000 0.70%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
% of Funding Share
Class B Notes ((GBP)Equivalent) (GBP)78,633,262 0.59%
Class C Notes ((GBP)Equivalent) (GBP)108,993,167 0.81%
Class D Notes (GBP)14,000,000 0.10%
- --------------------------------------------------------------------------------------------------------------------------
Granite Mortgages 02-1 Reserve Fund Requirement (GBP)34,372,240 0.26%
Balance Brought Forward (GBP)34,372,240 0.26%
Drawings last Quarter (GBP)0 0.00%
Excess Spread last Quarter (GBP)2,532,737 0.02%
Funding Reserve Fund Top-up this Period* -(GBP)2,532,737 -0.02%
Current Balance (GBP)34,372,240 0.26%
- --------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------
Funding Reserve Balance (GBP)23,315,837 0.17%
Funding Reserve % 0.6% NA
- --------------------------------------------------------------------------------------------------------------------------
*Top-ups only occur at the end of each quarter.
Additional Notes to the Investor Reports
The Overcollateralisation test will be breached on any distribution date where
the aggregate current balance of mortgage loans on such distribution date is
less than an amount equal to the product of 1.05 and the principal amount
outstanding of all notes of all issuers on such distribution date. The
principal amount outstanding of such notes will be calculated on a straight
line basis by applying the appropriate constant payment rate applicable to
each series of notes on a monthly, rather than quarterly, basis.
A non asset trigger event will occur if the current seller share is equal to
or less the minimum seller share for two consecutive months. The one month
cure period will now allow the seller to substitute new loans into the trust
to meet the minimum seller requirement.
The notes may be redeemed at the option of the issuer if on the payment date
falling on or after July 2008, the New Basel Capital Accord has been
implemented in the United Kingdom