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 February, 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: 22 March 2004
GRANITE FINANCE FUNDING LIMITED
By: /s/ Nigel Charles Bradley
---------------------------------------
Name: Nigel Charles Bradley
Title: Director
Date: 22 March 2004
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
---------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: 22 March 2004
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 03-3 PLC
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Granite Mortgages 03-3 Plc, Granite Finance Trustees LImited
and Granite Finance Funding Limited
Period 1 February 2004 - 29 February 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 220,047
Current Balance (GBP)16,895,979,565
Last Months Closing Trust Assets (GBP)17,537,520,729
Funding share (GBP)15,686,713,930
Funding Share Percentage 92.84%
Seller Share* (GBP)1,209,265,635
Seller Share Percentage 7.16%
Minimum Seller Share (Amount)* (GBP)709,465,135
Minimum Seller Share (% of Total) 4.20%
Excess Spread last quarter annualised (% of Total) 0.40%
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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 216,645 16,659,005,349 0 98.60%
> = 1 < 3 Months 2,810 198,346,648 2,101,907 1.17%
> = 3 < 6 Months 461 30,132,057 825,272 0.18%
> = 6 < 9 Months 92 5,884,260 293,256 0.03%
> = 9 < 12 Months 30 1,955,141 133,260 0.01%
> = 12 Months 9 656,110 50,694 0.00%
Total 220,047 16,895,979,565 3,404,389 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 130 6,895,052 327,890
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Properties in Possession 70
Number Brought Forward 49
Repossessed (Current Month) 21
Sold (since inception) 60
Sold (current month) 10
Sale Price / Last Loan Valuation 1.06
Average Time from Possession to Sale (days) 119
Average Arrears at Sale (GBP)2,039
Average Principal Loss (Since inception)* (GBP)274
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 0 (GBP)0
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 3.80% 37.16%
Previous Month CPR Rate 3.65% 35.49%
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Weighted Average Seasoning (by value) Months 25.07
Weighted Average Remaining Term (by value) Years 19.85
Average Loan Size (GBP)76,784
Weighted Average LTV (by value) 74.54%
Weighted Average Indexed LTV (by value) 60.91%
Fast Track (by value) 24.81%
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Product Breakdown
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Fixed Rate (by balance) 53.19%
Together (by balance) 24.36%
Capped (by balance) 1.81%
Variable (by balance) 19.18%
Tracker (by balance) 1.46%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 4,767 2.17% 366,642,757 2.17%
East Midlands 16,155 7.34% 1,101,617,868 6.52%
Greater London 26,462 12.03% 3,313,301,593 19.61%
North 29,151 13.25% 1,498,673,387 8.87%
North West 30,440 13.83% 1,865,316,144 11.04%
Scotland 16,561 7.53% 1,000,241,990 5.92%
South East 32,914 14.96% 3,419,746,264 20.24%
South West 14,661 6.66% 1,236,785,704 7.32%
Wales 9,664 4.39% 581,221,697 3.44%
West Midlands 14,889 6.77% 1,062,757,115 6.29%
Yorkshire 24,383 11.08% 1,449,675,047 8.58%
Total 220,047 100% 16,895,979,565 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% < 25% 7,201 278,783,663 1.65%
> = 25% < 50% 26,549 1,848,420,164 10.94%
> = 50% < 60% 17,295 1,449,675,047 8.58%
> = 60% < 65% 10,073 900,555,711 5.33%
> = 65% < 70% 11,671 1,064,446,713 6.30%
> = 70% < 75% 17,217 1,486,846,202 8.80%
> = 75% < 80% 16,567 1,657,495,595 9.81%
> = 80% < 85% 19,081 1,694,666,750 10.03%
> = 85% < 90% 33,125 2,311,370,004 13.68%
> = 90% < 95% 46,757 3,313,301,593 19.61%
> = 95% < 100% 14,340 880,280,535 5.21%
> = 100% 171 10,137,588 0.06%
Total 220,047 16,895,979,565 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 33,036 2,377,264,325 14.07%
Interest Only 19,889 2,449,917,037 14.50%
Pension Policy 724 70,963,114 0.42%
Personal Equity Plan 1,493 108,134,269 0.64%
Repayment 164,905 11,889,700,820 70.37%
Total 220,047 16,895,979,565 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 195,733 14,400,443,383 85.23%
Part Time 2,876 162,201,404 0.96%
Retired 519 16,895,980 0.10%
Self Employed 18,674 2,213,373,323 13.10%
Other 2,245 103,065,475 0.61%
Total 220,047 16,895,979,565 100.00%
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NR Current Existing Borrowers' SVR 5.99%
Effective Date of Change 1 February 2004
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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 0.78%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 0.49%
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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 0.15%
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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