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 April, 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: 10 June 2004
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Jonathan David Rigby
---------------------------
Name: Jonathan David Rigby
Title: Director
Date: 10 June 2004
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Daniel Le Blancq
----------------------
Name: Daniel Le Blancq
Title: Director
Date: 10 June 2004
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 03-3 PLC
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Monthly Report re: Granite Mortgages 01-1 Plc, Granite Mortgages 01-2 Plc,
Granite Mortgages 02-1 Plc Granite Mortgages 02-2 Plc,
Granite Mortgages 03-1 Plc, Granite Mortgages 03-2 Plc,
Granite Finance Trustees Limited Granite Mortgages 04-1 Plc, and
Granite Finance Funding Limited
Period 1 April 2004 - 30 April 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 247,165
Current Balance (GBP)19,806,197,097
Last Months Closing Trust Assets (GBP)15,894,757,541
Funding share (GBP)15,347,449,828
Funding Share Percentage 77.49%
Seller Share* (GBP)4,458,747,269
Seller Share Percentage 22.51%
Minimum Seller Share (Amount)* (GBP)846,455,104
Minimum Seller Share (% of Total) 4.27%
Excess Spread last quarter annualised 0.32%
(% of Total)
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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 243,639 19,544,784,037 0 98.68%
> = 1 <3 Months 2,938 221,335,206 1,870,200 1.12%
> = 3 <6 Months 438 30,008,840 726,167 0.15%
> = 6 <9 Months 122 8,091,681 347,354 0.04%
> = 9 <12 Months 24 1,646,143 100,223 0.01%
> = 12 Months 4 331,190 36,243 0.00%
Total 247,165 19,806,197,097 3,080,187 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 155 8,356,636 398,376
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Properties in Possession 70
Number Brought Forward 53
Repossessed (Current Month) 17
Sold (since inception) 85
Sold (current month) 18
Sale Price/Last Loan Valuation 1.11
Average Time from Possession to Sale (days) 124
Average Arrears at Sale (GBP)2,359
Average Principal Loss (Since inception)* (GBP)193
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 49,342 (GBP)4,766,405,967
Substituted to date (since 26 March 2001) 394,265 (GBP)31,424,780,972
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 5.13% 46.85%
Previous Month CPR Rate 6.30% 54.19%
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Weighted Average Seasoning (by value) Months 22.78
Weighted Average Remaining Term (by value) Years 20.25
Average Loan Size (GBP)80,134
Weighted Average LTV (by value) 75.71%
Weighted Average Indexed LTV (by value) 65.15%
Non Verified (by value) 28.87%
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Product Breakdown
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Fixed Rate (by balance) 49.50%
Together (by balance) 26.14%
Capped (by balance) 1.39%
Variable (by balance) 20.25%
Tracker (by balance) 2.73%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 5,142 2.08% 415,930,139 2.10%
East Midlands 17,913 7.25% 1,287,402,811 6.50%
Greater London 29,083 11.77% 3,872,111,532 19.55%
North 30,845 12.48% 1,634,011,261 8.25%
North West 34,133 13.81% 2,182,642,920 11.02%
Scotland 24,765 10.02% 1,529,038,416 7.72%
South East 35,857 14.51% 3,949,355,701 19.94%
South West 15,753 6.37% 1,400,298,135 7.07%
Wales 10,555 4.27% 657,565,744 3.32%
West Midlands 16,291 6.59% 1,220,061,741 6.16%
Yorkshire 26,828 10.85% 1,657,778,697 8.37%
Total 247,165 100% 19,806,197,097 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% <25% 7,826 305,015,435 1.54%
> = 25% <50% 27,805 1,944,968,555 9.82%
> = 50% <60% 17,955 1,525,077,176 7.70%
> = 60% <65% 10,558 950,697,461 4.80%
> = 65% <70% 12,295 1,144,798,192 5.78%
> = 70% <75% 17,917 1,608,263,204 8.12%
> = 75% <80% 18,585 1,958,832,893 9.89%
> = 80% <85% 24,605 2,408,433,567 12.16%
> = 85% <90% 37,520 2,852,092,382 14.40%
> = 90% <95% 53,905 3,917,665,786 19.78%
> = 95% <100% 18,009 1,180,449,347 5.96%
> = 100% 185 9,903,099 0.05%
Total 247,165 19,806,197,097 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 31,456 2,289,596,384 11.56%
Interest Only 27,206 3,630,475,928 18.33%
Pension Policy 701 69,321,690 0.35%
Personal Equity Plan 1,396 101,011,605 0.51%
Repayment 186,406 13,715,791,490 69.25%
Total 247,165 19,806,197,097 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 218,536 16,569,864,491 83.66%
Part Time 3,074 176,275,154 0.89%
Retired 512 17,825,577 0.09%
Self Employed 22,719 2,935,278,410 14.82%
Other 2,324 106,953,464 0.54%
Total 247,165 19,806,197,097 100.00%
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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 $320,237,239 Aaa/AAA/AAA 1.23% 0.08%
A2 $750,000,000 Aaa/AAA/AAA 1.27% 0.12%
A3 $500,000,000 Aaa/AAA/AAA 1.35% 0.20%
B $72,000,000 Aa3/AA/AA 1.60% 0.45%
M $27,000,000 A2/A/A 1.85% 0.70%
C $50,000,000 Baa2/BBB/BBB 2.60% 1.45%
Series 2
A (euro)640,000,000 Aaa/AAA/AAA 2.24% 0.19%
B (euro)23,000,000 Aa3/AA/AA 2.50% 0.45%
M (euro)7,500,000 A2/A/A 2.75% 0.70%
C (euro)55,000,000 Baa2/BBB/BBB 3.50% 1.45%
Series 3
A (GBP)340,000,000 Aaa/AAA/AAA 4.57% 0.19%
B (GBP)28,500,000 Aa3/AA/AA 4.83% 0.45%
M (GBP)11,500,000 A2/A/A 5.08% 0.70%
C (GBP)7,500,000 Baa2/BBB/BBB 5.83% 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 6.26%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 3.92%
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% of Funding Share
Class B and M Notes ((GBP)Equivalent) (GBP)122,676,688 0.80%
Class C Notes ((GBP)Equivalent) (GBP)76,908,644 0.50%
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Granite Mortgages 03-3 Reserve Fund Requirement (GBP)33,400,000 0.22%
Balance Brought Forward (GBP)22,300,000 0.15%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)2,235,480 0.01%
Funding Reserve Fund Top-up this Period* (GBP)0 0.00%
Current Balance (GBP)24,535,480 0.16%
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Funding Reserve Balance (GBP)30,757,191 0.20%
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