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 August, 2004
GRANITE MORTGAGES 04-1 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 04-1 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: October 19, 2004
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan David Rigby
-----------------------------------
Name: Jonathan David Rigby
Title: Director
Date: October 19, 2004
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
-------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: October 19, 2004
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 04-1 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 Mortgages 03-3 Plc Granite Finance
Trustees Limited, Granite Mortgages 04-2 Plc and Granite Finance Funding
Limited Period 1 August 2004 - 31 August 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 280,946
Current Balance - Trust Mortgage Assets (GBP)24,117,800,993
Current Balance - Trust Cash and other Assets (GBP)1,304,789,748
Last Months Closing Trust Assets (GBP)18,405,966,225
Funding share (GBP)17,743,317,674
Funding Share Percentage 69.79%
Seller Share* (GBP)7,679,273,067
Seller Share Percentage 30.21%
Minimum Seller Share (Amount)* (GBP)1,347,052,217
Minimum Seller Share (% of Total) 5.30%
Excess Spread last quarter annualised (% of Total) 0.23%
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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 277,075 23,803,615,079 0 98.70%
> = 1 < 3 Months 3,236 267,925,469 2,449,887 1.11%
> = 3 < 6 Months 488 35,023,330 885,757 0.15%
> = 6 < 9 Months 116 8,610,485 350,657 0.04%
> = 9 < 12 Months 29 2,469,496 147,076 0.01%
> = 12 Months 2 157,134 11,203 0.00%
Total 280,946 24,117,800,993 3,844,580 100.00%
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Properties in Possession
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Number Principal ((GBP)) Arrears ((GBP))
Total (since inception) 215 12,298,193 600,210
Properties in Possession 73
Number Brought Forward 58
Repossessed (Current Month) 15
Sold (since inception) 142
Sold (current month) 11
Sale Price / Last Loan Valuation 1.07
Average Time from Possession to Sale (days) 137
Average Arrears at Sale (GBP)2,472
Average Principal Loss (Since inception)* (GBP)153
Average Principal Loss (current month)** (GBP)0
MIG Claims Submitted 9
MIG Claims Outstanding 0
Average Time from Claim to Payment 62
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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 68,189 (GBP)6,924,550,609
Substituted to date (since 26 March 2001) 478,055 (GBP)39,832,603,134
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate 5.03% 46.16%
Previous Month CPR Rate 4.72% 44.04%
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Weighted Average Seasoning (by value) Months 23.2
Weighted Average Remaining Term (by value) Years 20.42
Average Loan Size (GBP)85,845
Weighted Average LTV (by value) 75.39%
Weighted Average Indexed LTV (by value) 62.12%
Non Verified (by value) 34.95%
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Product Breakdown
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Fixed Rate (by balance) 50.85%
Together (by balance) 24.64%
Capped (by balance) 0.97%
Variable (by balance) 19.83%
Tracker (by balance) 3.70%
Total 100.0%
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Geographic Analysis
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Number % of Total Value ((GBP)) % of Total
East Anglia 5,645 2.01% 487,179,580 2.02%
East Midlands 19,793 7.05% 1,517,009,682 6.29%
Greater London 33,878 12.06% 4,797,030,618 19.89%
North 32,884 11.70% 1,869,129,577 7.75%
North West 38,107 13.56% 2,614,369,628 10.84%
Scotland 30,922 11.01% 1,958,365,441 8.12%
South East 41,554 14.79% 4,905,560,722 20.34%
South West 17,979 6.40% 1,722,010,991 7.14%
Wales 11,695 4.16% 788,652,092 3.27%
West Midlands 18,469 6.57% 1,480,832,981 6.14%
Yorkshire 30,020 10.69% 1,977,659,681 8.20%
Total 280,946 100% 24,117,800,993 100%
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LTV Levels Breakdown
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Number Value ((GBP)) % of Total
0% < 25% 9,101 359,355,235 1.49%
> = 25% < 50% 31,999 2,346,662,037 9.73%
> = 50% < 60% 21,121 1,895,659,158 7.86%
> = 60% < 65% 12,506 1,193,831,149 4.95%
> = 65% < 70% 14,706 1,435,009,159 5.95%
> = 70% < 75% 20,572 1,958,365,441 8.12%
> = 75% < 80% 21,755 2,394,897,639 9.93%
> = 80% < 85% 32,538 3,390,962,820 14.06%
> = 85% < 90% 40,554 3,431,963,081 14.23%
> = 90% < 95% 58,014 4,389,439,781 18.20%
> = 95% < 100% 17,877 1,309,596,594 5.43%
> = 100% 203 12,058,900 0.05%
Total 280,946 24,117,800,993 100.0%
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Repayment Method
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Number Value ((GBP)) % of Total
Endowment 29,627 2,276,720,414 9.44%
Interest Only 37,010 5,202,209,674 21.57%
Pension Policy 683 72,353,403 0.30%
Personal Equity Plan 1,273 96,471,204 0.40%
Repayment 212,353 16,470,046,298 68.29%
Total 280,946 24,117,800,993 100.00%
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Employment Status
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Number Value ((GBP)) % of Total
Full Time 246,784 19,984,009,903 82.86%
Part Time 3,497 212,236,649 0.88%
Retired 514 16,882,461 0.07%
Self Employed 27,358 3,767,200,515 15.62%
Other 2,793 137,471,466 0.57%
Total 280,946 24,117,800,993 100.00%
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NR Current Existing Borrowers' SVR 6.59%
Effective Date of Change 1 July 2004
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Notes Granite Mortgages 04-1 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $592,000,000 P-1/A-1+/F1+ 1.3800% -0.04%
A2 $1,185,000,000 Aaa/AAA/AAA 1.62% 0.07%
B $52,000,000 Aa3/AA/AA 1.76% 0.21%
M $72,000,000 A2/A/A 1.96% 0.41%
C $108,000,000 Baa2/BBB/BBB 2.45% 0.90%
Series 2
A1 $1,185,000,000 Aaa/AAA/AAA 1.71% 0.16%
A2 (Euro)900,000,000 Aaa/AAA/AAA 2.28% 0.16%
B (Euro)91,000,000 Aa3/AA/AA 2.46% 0.34%
M (Euro)45,000,000 A2/A/A 2.69% 0.57%
C (Euro)60,000,000 Baa2/BBB/BBB 3.19% 1.07%
Series 3
A (GBP)600,000,000 Aaa/AAA/AAA 4.99% 0.16%
B (GBP)23,000,000 Aa3/AA/AA 5.17% 0.34%
M (GBP)10,000,000 A2/A/A 5.40% 0.57%
C (GBP)20,000,000 Baa2/BBB/BBB 5.90% 1.07%
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Credit Enhancement
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% of Notes Outstanding
Class B and M Notes ((GBP) Equivalent) (GBP)194,305,490 6.17%
Class C Notes ((GBP) Equivalent) (GBP)120,180,421 3.82%
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% of Funding Share
Class B and M Notes ((GBP) Equivalent) (GBP)194,305,490 1.10%
Class C Notes ((GBP) Equivalent) (GBP)120,180,421 0.68%
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Granite Mortgages 04-1 Reserve Fund Requirement (GBP)60,000,000 0.34%
Balance Brought Forward (GBP)42,225,927 0.24%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)4,122,281 0.02%
Funding Reserve Fund Top-up this Period* (GBP)11,400,921 0.06%
Current Balance (GBP)57,749,129 0.33%
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Funding Reserve Balance (GBP)23,965,350 0.14%
Funding Reserve % 1.0% 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
An arrears trigger event will occur if the outstanding principal balance of 90+
day arrears in the trust exceed 2%. In the event of a arrears trigger the
Granite Mortgages 04-2 issuer reserve fund will step up to 1.415%. This
trigger event is curable.
An issuer non call trigger event will occur if any of the issuers are not
called on their step up and call dates. In the event of a issuer non call
trigger the Granite Mortgages 04-2 issuer reserve fund target will step up by
0.275% and the funding reserve target will step up by 0.10%.
An accelerated controlled amortisation trigger will occur if any of the issuers
are not called on their step up and call dates. In the event of a accelerated
controlled amortisation trigger all Granite Mortgages 04-2 tranches become
pass through securities.