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 November, 2003
GRANITE MORTGAGES 03-3 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 03-3 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: 19 December 2003
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
------------------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 19 December 2003
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: 19 December 2003
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 03-3 PLC
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Monthly Report re: Granite Mortgages 03-3 Plc, Granite Finance Trustees
and Granite Finance Funding Limited
Period 1 November 2003 - 30 November 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 186,320
Current Balance (GBP)13,694,898,654
Last Months Closing Trust Assets (GBP)13,818,644,192
Funding share (GBP)12,733,905,268
Funding Share Percentage 92.98%
Seller Share* (GBP)960,993,385
Seller Share Percentage 7.02%
Minimum Seller Share (Amount)* (GBP)376,645,649
Minimum Seller Share (% of Total) 2.75%
Excess Spread last period annualised (% of Total) 0.12%
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* Please see the Additional Notes to the Investor Reports
Arrears Analysis of Non Repossessed Mortgage Loans
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Number Principal ((GBP)) Arrears ((GBP)) By Principal(%)
< 1 Month 183,708 13,522,195,659 0 98.74%
> = 1 < 3 Months 2,024 135,917,774 1,262,231 0.99%
> = 3 < 6 Months 459 28,671,700 686,544 0.21%
> = 6 < 9 Months 95 5,939,064 245,353 0.04%
> = 9 < 12 Months 22 1,436,033 88,343 0.01%
> = 12 Months 12 738,424 71,529 0.01%
Total 186,320 13,694,898,654 2,354,000 100.00%
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Properties in Possession
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Number Principal ((GBP)) Arrears ((GBP))
Total (since inception) 82 4,361,178 179,863
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Properties in Possession 47
Number Brought Forward 25
Repossessed (Current Month) 22
Sold (since inception) 35
Sold (current month) 4
Sale Price / Last Loan Valuation 1.07
Average Time from Possession to Sale (days) 119
Average Arrears at Sale (GBP)2,017
Average Principal Loss (Since inception)* (GBP)554
Average Principal Loss (current month)** (GBP)741
MIG Claims Submitted 7
MIG Claims Outstanding 0
Average Time from Claim to Payment 59
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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 ((GBP))
Substituted this period 6,090 (GBP)499,999,907
Substituted to date (since 26 March 2001) 287,381 (GBP)21,658,382,742
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 4.60% 42.70%
Previous Month CPR Rate 4.74% 44.14%
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Weighted Average Seasoning (by value) Months 24.82
Weighted Average Remaining Term (by value) Years 19.93
Average Loan Size (GBP)73,502
Weighted Average LTV (by value) 74.53%
Weighted Average Indexed LTV (by value) 60.13%
Fast Track (by value) 22.01%
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Product Breakdown
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Fixed Rate (by balance) 49.43%
Together (by balance) 27.17%
Capped (by balance) 1.76%
Variable (by balance) 20.78%
Tracker (by balance) 0.87%
Total 100.0%
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Geographic Analysis
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Number % of Total Value ((GBP)) % of Total
East Anglia 4,289 2.30% 313,613,179 2.29%
East Midlands 15,105 8.11% 975,076,784 7.12%
Greater London 23,171 12.44% 2,697,895,035 19.70%
North 26,462 14.20% 1,311,971,291 9.58%
North West 28,306 15.19% 1,657,082,737 12.10%
South East 29,565 15.87% 2,901,949,025 21.19%
South West 13,244 7.11% 1,055,876,686 7.71%
Wales 9,121 4.90% 524,514,618 3.83%
West Midlands 14,067 7.55% 954,534,436 6.97%
Yorkshire 22,990 12.34% 1,302,384,862 9.51%
Total 186,320 100% 13,694,898,654 100%
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LTV Levels Breakdown
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Number Value ((GBP)) % of Total
0% < 25% 6,010 232,813,277 1.70%
> = 25% < 50% 22,453 1,526,981,200 11.15%
> = 50% < 60% 14,553 1,190,086,693 8.69%
> = 60% < 65% 8,397 724,460,139 5.29%
> = 65% < 70% 9,770 861,409,125 6.29%
> = 70% < 75% 15,424 1,261,300,166 9.21%
> = 75% < 80% 13,235 1,232,540,879 9.00%
> = 80% < 85% 14,258 1,151,740,977 8.41%
> = 85% < 90% 30,478 2,062,451,737 15.06%
> = 90% < 95% 38,616 2,662,288,298 19.44%
> = 95% < 100% 12,979 780,609,223 5.70%
> = 100% 147 8,216,939 0.06%
Total 186,320 13,694,898,654 100.0%
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Repayment Method
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Number Value ((GBP)) % of Total
Endowment 31,230 2,178,858,376 15.91%
Interest Only 14,159 1,583,130,284 11.56%
Pension Policy 659 62,996,534 0.46%
Personal Equity Plan 1,377 95,864,291 0.70%
Repayment 138,895 9,774,049,169 71.37%
Total 186,320 13,694,898,654 100.00%
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Employment Status
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Number Value ((GBP)) % of Total
Full Time 166,434 11,920,039,788 87.04%
Part Time 1,582 86,277,862 0.63%
Retired 466 15,064,389 0.11%
Self Employed 11,667 1,257,191,696 9.18%
Other 6,171 416,324,919 3.04%
Total 186,320 13,694,898,654 100.00%
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NR Current Existing Borrowers' SVR 5.74%
Effective Date of Change 1 December 2003
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Notes Granite Mortgages 03-3 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $750,000,000 Aaa/AAA/AAA 1.24% 0.08%
A2 $750,000,000 Aaa/AAA/AAA 1.28% 0.12%
A3 $500,000,000 Aaa/AAA/AAA 1.36% 0.20%
B $72,000,000 Aa3/AA/AA 1.61% 0.45%
M $27,000,000 A2/A/A 1.86% 0.70%
C $50,000,000 Baa2/BBB/BBB 2.61% 1.45%
Series 2
A (euro)640,000,000 Aaa/AAA/AAA 2.34% 0.19%
B (euro)23,000,000 Aa3/AA/AA 2.60% 0.45%
M (euro)7,500,000 A2/A/A 2.85% 0.70%
C (euro)55,000,000 Baa2/BBB/BBB 3.60% 1.45%
Series 3
A (GBP)340,000,000 Aaa/AAA/AAA 3.94% 0.19%
B (GBP)28,500,000 Aa3/AA/AA 4.20% 0.45%
M (GBP)11,500,000 A2/A/A 4.45% 0.70%
C (GBP)7,500,000 Baa2/BBB/BBB 5.20% 1.45%
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Credit Enhancement
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% of Notes Outstanding
Class B and M Notes ((GBP)Equivalent) (GBP)122,676,688 5.51%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 3.45%
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% of Funding Share
Class B and M Notes ((GBP)Equivalent) (GBP)122,676,688 0.96%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 0.60%
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Granite Mortgages 03-3
Reserve Fund Requirement (GBP)33,400,000 0.26%
Balance Brought Forward (GBP)22,300,000 0.18%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)0 0.00%
Funding Reserve Fund Top-up this Period* (GBP)0 0.00%
Current Balance (GBP)22,300,000 0.18%
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Funding Reserve Balance (GBP)24,525,584 0.19%
Funding Reserve % 0.6% NA
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*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