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 September, 2004
GRANITE MORTGAGES 04-3 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 04-3 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: November 15, 2004
GRANITE FINANCE FUNDING
LIMITED
By: /s/ Jonathan David Rigby
---------------------------------
Name: Jonathan David Rigby
Title: Director
Date: November 15, 2004
GRANITE FINANCE TRUSTEES
LIMITED
By: /s/ Daniel Le Blancq
---------------------------------
Name: Daniel Le Blancq
Title: Director
Date: November 15, 2004
INVESTORS' MONTHLY REPORT
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GRANITE MORTGAGES 04-3 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 Mortgages 03-3 Plc
Granite Mortgages 04-1 Plc, Granite Mortgages 04-2 Plc, Granite Finance
Trustees Limited and Granite Finance Funding Limited
Period 1 September, 2004 - 30 September, 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 268,552
Current Balance - Trust Mortgage Assets (GBP)23,030,235,806
Current Balance - Trust Cash and other Assets (GBP)1,196,705,561
Last Months Closing Trust Assets (GBP)24,117,800,993
Funding share (GBP)21,743,327,488
Funding Share Percentage 89.75%
Seller Share* (GBP)2,483,613,879
Seller Share Percentage 10.25%
Minimum Seller Share (Amount)* (GBP)1,298,577,341
Minimum Seller Share (% of Total) 5.36%
Excess Spread last quarter annualised (% of Total) 0.19%
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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 264,687 22,709,498,193 0 98.61%
> = 1 < 3 Months 3,142 265,977,879 2,613,876 1.15%
> = 3 < 6 Months 577 43,647,333 1,085,891 0.19%
> = 6 < 9 Months 114 8,568,645 361,833 0.04%
> = 9 < 12 Months 32 2,573,756 155,976 0.01%
> = 12 Months 0 0 0 0.00%
Total 268,552 23,030,265,806 4,217,576 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 234 13,926,695 700,321
Properties in Possession 84
Number Brought Forward 60
Repossessed (Current Month) 24
Sold (since inception) 150
Sold (current month) 8
Sale Price / Last Loan Valuation 1.03
Average Time from Possession to Sale (days) 130
Average Arrears at Sale (GBP)2,460
Average Principal Loss (Since inception)* (GBP)145
Average Principal Loss (current month)** (GBP)0
MIG Claims Submitted 8
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 0 (GBP)0
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 4.72% 44.04%
Previous Month CPR Rate 5.03% 46.16%
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Weighted Average Seasoning (by value) Months 24.06
Weighted Average Remaining Term (by value) Years 20.33
Average Loan Size (GBP)85,757
Weighted Average LTV (by value) 75.17%
Weighted Average Indexed LTV (by value) 62.04%
Non Verified (by value) 35.29%
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Product Breakdown
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Fixed Rate (by balance) 49.34%
Together (by balance) 23.98%
Capped (by balance) 0.94%
Variable (by balance) 22.72%
Tracker (by balance) 3.03%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 5,385 2.01% 462,907,740 2.01%
East Midlands 18,969 7.06% 1,450,904,856 6.30%
Greater London 32,592 12.14% 4,610,653,208 20.02%
North 31,331 11.67% 1,773,328,157 7.70%
North West 36,232 13.49% 2,475,750,349 10.75%
Scotland 29,813 11.10% 1,881,570,265 8.17%
South East 39,808 14.82% 4,695,865,081 20.39%
South West 17,171 6.39% 1,644,358,837 7.14%
Wales 11,096 4.13% 746,179,640 3.24%
West Midlands 17,634 6.57% 1,411,753,455 6.13%
Yorkshire 28,521 10.62% 1,876,964,218 8.15%
Total 268,552 100% 23,030,235,806 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% < 25% 9,044 354,665,631 1.54%
> = 25% < 50% 31,213 2,282,296,368 9.91%
> = 50% < 60% 20,465 1,833,206,770 7.96%
> = 60% < 65% 12,070 1,146,905,743 4.98%
> = 65% < 70% 14,176 1,384,117,172 6.01%
> = 70% < 75% 19,592 1,870,055,147 8.12%
> = 75% < 80% 20,852 2,293,811,486 9.96%
> = 80% < 85% 31,818 3,291,020,697 14.29%
> = 85% < 90% 37,857 3,212,717,895 13.95%
> = 90% < 95% 55,231 4,173,078,728 18.12%
> = 95% < 100% 16,031 1,176,845,050 5.11%
> = 100% 203 11,515,118 0.05%
Total 268,552 23,030,235,806 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 28,295 2,169,448,213 9.42%
Interest Only 35,856 5,036,712,571 21.87%
Pension Policy 648 66,787,684 0.29%
Personal Equity Plan 1,215 89,817,920 0.39%
Repayment 202,538 15,667,469,419 68.03%
Total 268,552 23,030,235,806 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 235,562 19,046,005,012 82.70%
Part Time 3,350 202,666,075 0.88%
Retired 501 16,121,165 0.07%
Self Employed 26,431 3,634,171,210 15.78%
Other 2,708 131,272,344 0.57%
Total 268,552 23,030,235,806 100.00%
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NR Current Existing Borrowers' SVR 6.84%
Effective Date of Change 1 September 2004
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Notes Granite Mortgages 04-3 plc
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Outstanding Rating Reference Rate Margin
Moodys/S&P/Fitch
Series 1
A1 $981,400,000 Aaa/AAA/AAA 1.98% 0.06%
A2 (euro)494,000,000 Aaa/AAA/AAA 2.18% 0.07%
A3 $1,248,100,000 Aaa/AAA/AAA 2.02% 0.10%
B $59,200,000 Aa3/AA/AA 2.08% 0.16%
M $31,400,000 A2/A/A 2.19% 0.27%
C $62,700,000 Baa2/BBB/BBB 2.51% 0.59%
Series 2
A1 $713,700,000 Aaa/AAA/AAA 2.06% 0.14%
A2 (euro)800,150,000 Aaa/AAA/AAA 2.25% 0.14%
B (euro)74,400,000 Aa3/AA/AA 2.39% 0.28%
M (euro)57,900,000 A2/A/A 2.48% 0.37%
C (euro)139,050,000 Baa2/BBB/BBB 2.91% 0.80%
Series 3
A1 (GBP)411,250,000 Aaa/AAA/AAA 5.12% 0.18%
A2 (GBP)600,000,000 Aaa/AAA/AAA 5.515% Fixed until 09/2011
B (GBP)54,350,000 Aa3/AA/AA 5.29% 0.35%
M (GBP)42,250,000 A2/A/A 5.39% 0.45%
C (GBP)99,450,000 Baa2/BBB/BBB 5.82% 0.88%
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Credit Enhancement
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% of Notes Outstanding
Class B and M Notes (GBP) Equivalent) (GBP)593,051,601 14.83%
Class C Notes (GBP) Equivalent) (GBP)229,275,589 5.73%
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% of Funding Share
Class B and M Notes (GBP) Equivalent) (GBP)593,051,601 2.73%
Class C Notes (GBP) Equivalent) (GBP)229,275,589 1.05%
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Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.22%
Balance Brought Forward (GBP)41,000,000 0.19%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)0 0.00%
Funding Reserve Fund Top-up this Period* (GBP)0 0.00%
Current Balance (GBP)41,000,000 0.19%
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Funding Reserve Balance (GBP)19,386,993 0.09%
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%. and the
Granite 04-3 issuer reserve fund will step up to 1.38%. 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%, the Granite Mortgages 04-3 issuer reserve fund target by 0.27% 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 & 04-3 tranches
become pass through securities.