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 January, 2004
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: 1 March 2004
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
--------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 1 March 2004
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
---------------------
Name: Daniel Le Blancq
Title: Director
Date: 1 March 2004
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 Limited
and Granite Finance Funding Limited
Period 1 January 2004 - 31 January 2004
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 228,177
Current Balance (GBP)17,537,520,729
Last Months Closing Trust Assets (GBP)13,059,474,279
Funding share (GBP)16,205,567,221
Funding Share Percentage 92.41%
Seller Share* (GBP)1,331,953,508
Seller Share Percentage 7.59%
Minimum Seller Share (Amount)* (GBP)715,360,260
Minimum Seller Share (% of Total) 4.08%
Excess Spread last Quarter Annualised (% of Total) 0.38%
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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 225,051 17,322,982,488 0 98.78%
> = 1 < 3 Months 2,582 179,781,944 1,575,602 1.03%
> = 3 < 6 Months 415 26,984,407 675,117 0.15%
> = 6 < 9 Months 104 6,200,291 278,181 0.04%
> = 9 < 12 Months 20 1,149,638 64,893 0.01%
> = 12 Months 5 421,961 53,352 0.00%
Total 228,177 17,537,520,729 2,647,145 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 109 5,766,803 273,005
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Properties in Possession 59
Number Brought Forward 38
Repossessed (Current Month) 21
Sold (since inception) 50
Sold (current month) 3
Sale Price / Last Loan Valuation 1.11
Average Time from Possession to Sale (days) 124
Average Arrears at Sale (GBP)2,109
Average Principal Loss (Since inception)* (GBP)328
Average Principal Loss (current month)** (GBP)0
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 57,542 (GBP)4,999,992,262
Substituted to date (since 26 March 2001) 344,923 (GBP)26,658,375,004
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 3.65% 35.49%
Previous Month CPR Rate 4.87% 45.04%
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Weighted Average Seasoning (by value) Months 24.23
Weighted Average Remaining Term (by value) Years 19.93
Average Loan Size (GBP)76,859
Weighted Average LTV (by value) 74.74%
Weighted Average Indexed LTV (by value) 60.98%
Fast Track (by value) 24.46%
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Product Breakdown
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Fixed Rate (by balance) 52.77%
Together (by balance) 24.60%
Capped (by balance) 1.80%
Variable (by balance) 19.39%
Tracker (by balance) 1.45%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 4,930 2.16% 378,810,448 2.16%
East Midlands 16,849 7.38% 1,148,707,608 6.55%
Greater London 27,338 11.98% 3,428,585,303 19.55%
North 30,315 13.29% 1,566,100,601 8.93%
North West 31,691 13.89% 1,944,911,049 11.09%
Scotland 16,916 7.41% 1,024,191,211 5.84%
South East 34,054 14.92% 3,539,071,683 20.18%
South West 15,209 6.67% 1,285,500,269 7.33%
Wales 10,035 4.40% 605,044,465 3.45%
West Midlands 15,450 6.77% 1,103,110,054 6.29%
Yorkshire 25,390 11.13% 1,513,488,039 8.63%
Total 228,177 100% 17,537,520,729 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% < 25% 7,183 280,600,332 1.60%
> = 25% < 50% 27,102 1,894,052,239 10.80%
> = 50% < 60% 17,647 1,485,428,006 8.47%
> = 60% < 65% 10,401 931,242,351 5.31%
> = 65% < 70% 11,971 1,096,095,046 6.25%
> = 70% < 75% 17,941 1,545,055,576 8.81%
> = 75% < 80% 17,092 1,706,400,767 9.73%
> = 80% < 85% 19,532 1,744,983,313 9.95%
> = 85% < 90% 34,622 2,418,424,109 13.79%
> = 90% < 95% 48,061 3,419,816,542 19.50%
> = 95% < 100% 16,465 1,006,653,690 5.74%
> = 100% 160 8,768,760 0.05%
Total 228,177 17,537,520,729 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 34,360 2,474,544,175 14.11%
Interest Only 20,340 2,509,619,216 14.31%
Pension Policy 748 73,657,587 0.42%
Personal Equity Plan 1,550 112,240,133 0.64%
Repayment 171,179 12,367,459,618 70.52%
Total 228,177 17,537,520,729 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 203,096 14,959,505,182 85.30%
Part Time 2,982 170,113,951 0.97%
Retired 535 17,537,521 0.10%
Self Employed 19,259 2,283,385,199 13.02%
Other 2,305 106,978,876 0.61%
Total 228,177 17,537,520,729 100.00%
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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 $501,618,357 Aaa/AAA/AAA 1.20% 0.08%
A2 $750,000,000 Aaa/AAA/AAA 1.24% 0.12%
A3 $500,000,000 Aaa/AAA/AAA 1.32% 0.20%
B $72,000,000 Aa3/AA/AA 1.57% 0.45%
M $27,000,000 A2/A/A 1.82% 0.70%
C $50,000,000 Baa2/BBB/BBB 2.57% 1.45%
Series 2
A (Euro)640,000,000 Aaa/AAA/AAA 2.27% 0.19%
B (Euro)23,000,000 Aa3/AA/AA 2.53% 0.45%
M (Euro)7,500,000 A2/A/A 2.78% 0.70%
C (Euro)55,000,000 Baa2/BBB/BBB 3.53% 1.45%
Series 3
A (GBP)340,000,000 Aaa/AAA/AAA 4.22% 0.19%
B (GBP)28,500,000 Aa3/AA/AA 4.48% 0.45%
M (GBP)11,500,000 A2/A/A 4.73% 0.70%
C (GBP)7,500,000 Baa2/BBB/BBB 5.48% 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 5.92%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 3.71%
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% of Funding Share
Class B and M Notes ((GBP)Equivalent) (GBP)122,676,688 0.76%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 0.47%
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Granite Mortgages 03-3 Reserve Fund Requirement (GBP)33,400,000 0.21%
Balance Brought Forward (GBP)22,300,000 0.14%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)943,160 0.01%
Funding Reserve Fund Top-up this Period* (GBP)0 0.00%
Current Balance (GBP)23,243,160 0.14%
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Funding Reserve Balance (GBP)26,915,060 0.17%
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