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 January 2004 to 31 March 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)
69 Park Lane,
Croydon CR9 1TQ. 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: 28 April 2004
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan David Rigby
-----------------------------
Name: Jonathan David Rigby
Title: Director
Date: 28 April 2004
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
-----------------------------
Name: Daniel Le Blancq
Title: Director
Date: 28 April 2004
INVESTORS' QUARTERLY REPORT
GRANITE MORTGAGES 03-3 PLC
Quarterly Report re: Granite Mortgages 03-3 Plc, Granite Finance Trustees
Limited, and Granite Finance Funding Limited
Period 1 January 2004 - 31 March 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
- --------------------------------------------------------------------------------------------------------------
Number of Mortgage Loans in Pool 208,459
Current Balance (GBP)15,894,757,541
Last Months Closing Trust Assets (GBP)16,895,979,565
Funding share (GBP)15,508,608,428
Funding Share Percentage 97.57%
Seller Share* (GBP)386,149,113
Seller Share Percentage 2.43%
Minimum Seller Share (Amount)* (GBP)668,021,662
Minimum Seller Share (% of Total) 4.20%
Excess Spread last quarter annualised (% of Total) 0.40%
- --------------------------------------------------------------------------------------------------------------
* 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 205,811 15,706,527,069 0 98.82%
> = 1 < 3 Months 2,071 149,917,292 1,702,925 0.94%
> = 3 < 6 Months 442 29,498,028 790,255 0.19%
> = 6 < 9 Months 112 7,338,390 368,592 0.05%
> = 9 < 12 Months 17 1,055,302 78,330 0.01%
> = 12 Months 6 421,460 48,694 0.00%
Total 208,459 15,894,757,541 2,988,796 100.00%
- -----------------------------------------------------------------------------------------------------------------------------------
Properties in Possession
- --------------------------------------------------------------------------------------------------------------
Number Principal (GBP) Arrears (GBP)
Total (since inception) 138 7,351,324 349,060
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Properties in Possession 71
Number Brought Forward 63
Repossessed (Current Month) 8
Sold (since inception) 67
Sold (current month) 7
Sale Price / Last Loan Valuation 1.09
Average Time from Possession to Sale (days) 123
Average Arrears at Sale (GBP)2,089
Average Principal Loss (Since inception)* (GBP)245
Average Principal Loss (current month)** (GBP)0
MIG Claims Submitted 7
MIG Claims Outstanding 0
Average Time from Claim to Payment 59
- --------------------------------------------------------------------------------------------------------------
*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 0 (GBP)0
Substituted to date (since 26 March 2001) 344,923 (GBP)26,658,375,004
- --------------------------------------------------------------------------------------------------------------
CPR Analysis
- --------------------------------------------------------------------------------------------------------------
Monthly Annualised
Current Month CPR Rate 6.30% 54.19%
Previous Month CPR Rate 3.80% 37.16%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning (by value) Months 26.04
Weighted Average Remaining Term (by value) Years 19.76
Average Loan Size (GBP)76,249
Weighted Average LTV (by value) 74.37%
Weighted Average Indexed LTV (by value) 60.36%
Fast Track (by value) 25.13%
- --------------------------------------------------------------------------------------------------------------
Product Breakdown
- --------------------------------------------------------------------------------------------------------------
Fixed Rate (by balance) 51.62%
Together (by balance) 24.28%
Capped (by balance) 1.79%
Variable (by balance) 20.81%
Tracker (by balance) 1.50%
Total 100.0%
- --------------------------------------------------------------------------------------------------------------
Geographic Analysis
- ----------------------------------------------------------------------------------------------------------------------------------
Number % of Total Value (GBP) % of Total
East Anglia 4,548 2.18% 346,505,714 2.18%
East Midlands 15,262 7.32% 1,036,338,192 6.52%
Greater London 24,957 11.97% 3,101,067,196 19.51%
North 27,671 13.27% 1,411,454,470 8.88%
North West 28,811 13.82% 1,754,781,233 11.04%
Scotland 16,006 7.68% 958,453,880 6.03%
South East 31,060 14.90% 3,212,330,499 20.21%
South West 13,889 6.66% 1,166,675,204 7.34%
Wales 9,131 4.38% 545,190,184 3.43%
West Midlands 14,049 6.74% 998,190,774 6.28%
Yorkshire 23,075 11.07% 1,363,770,197 8.58%
Total 208,459 100% 15,894,757,541 100%
- ----------------------------------------------------------------------------------------------------------------------------------
LTV Levels Breakdown
- ----------------------------------------------------------------------------------------------------------------------------------
Number Value (GBP) % of Total
0% < 25% 7,094 267,031,927 1.68%
> = 25% < 50% 25,569 1,759,549,660 11.07%
> = 50% < 60% 16,512 1,373,307,052 8.64%
> = 60% < 65% 9,614 850,369,528 5.35%
> = 65% < 70% 11,105 1,007,727,628 6.34%
> = 70% < 75% 16,251 1,393,970,236 8.77%
> = 75% < 80% 15,791 1,576,759,948 9.92%
> = 80% < 85% 18,463 1,624,444,221 10.22%
> = 85% < 90% 31,212 2,158,508,074 13.58%
> = 90% < 95% 44,305 3,105,835,624 19.54%
> = 95% < 100% 12,362 767,716,789 4.83%
> = 100% 181 9,536,855 0.06%
Total 208,459 15,894,757,541 100.0%
- ----------------------------------------------------------------------------------------------------------------------------------
Repayment Method
- ----------------------------------------------------------------------------------------------------------------------------------
Number Value (GBP) % of Total
Endowment 31,370 2,241,160,813 14.10%
Interest Only 19,055 2,334,939,883 14.69%
Pension Policy 700 68,347,457 0.43%
Personal Equity Plan 1,421 101,726,448 0.64%
Repayment 155,913 11,148,582,939 70.14%
Total 208,459 15,894,757,541 100.00%
- ----------------------------------------------------------------------------------------------------------------------------------
Employment Status
- ----------------------------------------------------------------------------------------------------------------------------------
Number Value (GBP) % of Total
Full Time 185,209 14,919,168,884 85.07%
Part Time 2,736 170,113,951 0.97%
Retired 507 17,537,521 0.10%
Self Employed 17,867 2,323,721,497 13.25%
Other 2,140 106,978,876 0.61%
Total 208,459 17,537,520,729 100.00%
- ----------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
NR Current Existing Borrowers' SVR 5.99%
Effective Date of Change 1 February 2004
- --------------------------------------------------------------------------------------------------------------
Notes Granite Mortgages 03-3 plc
- ----------------------------------------------------------------------------------------------------------------------------------
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%
- ----------------------------------------------------------------------------------------------------------------------------------
Credit Enhancement
- ----------------------------------------------------------------------------------------------------------------------------------
% 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%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
% of Funding Share
Class B and M Notes ((GBP)Equivalent) (GBP)122,676,688 0.79%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 0.50%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Granite Mortgages 03-3 Reserve Fund Requirement (GBP)33,400,000 0.22%
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%
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Funding Reserve Balance (GBP)26,915,060 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.