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 January, 2005
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: L.D.C. Securitisation Director No. 1
By: /s/ Sharon Tyson
------------------------------------
Name: Sharon Tyson
Title: Director
Date: March 22, 2005
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan David Rigby
------------------------------------
Name: Jonathan David Rigby
Title: Director
Date: March 22, 2005
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: March 22, 2005
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 Trustee, Granite Master
Issuer Plc, Granite Finance Funding Limited and Granite Finance Funding 2
Limited Period 1 January 2005 - 31 January 2005
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 304,509
Current Balance - Trust Mortgage Assets (GBP)27,705,573,878
Current Balance - Trust Cash and other Assets (GBP)870,606,825
Last Months Closing Trust Assets (GBP)22,134,589,142
Funding share (GBP)19,529,504,753
Funding 2 share (GBP)4,370,694,254
Funding and Funding 2 share (GBP)23,900,199,007
Funding and Funding 2 Share Percentage 83.64%
Seller Share* (GBP)4,675,981,696
Seller Share Percentage 16.36%
Minimum Seller Share (Amount)* (GBP)1,725,371,700
Minimum Seller Share (% of Total) 6.04%
Excess Spread last quarter annualised (% of Total) 0.53%
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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 299,746 27,282,445,816 0 98.47%
>= 1<3 Months 4,010 365,163,367 2,782,005 1.32%
>= 3<6 Months 619 47,432,322 1,182,433 0.17%
>= 6<9 Months 116 9,375,787 420,740 0.03%
>= 9< 12 Months 16 1,050,153 65,957 0.00%
>= 12 Months 2 106,433 8,811 0.00%
Total 304,509 27,705,573,878 4,459,946 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 280 17,583,551 880,896
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Properties in Possession 79
Number Brought Forward 54
Repossessed (Current Month) 25
Sold (since inception) 201
Sold (current month) 2
Sale Price/Last Loan Valuation 1.06
Average Time from Possession to Sale (days) 132
Average Arrears at Sale (GBP)2,877
Average Principal Loss (Since inception)* (GBP)104
Average Principal Loss (current month)** (GBP)0
MIG Claims Submitted 6
MIG Claims Outstanding 0
Average Time from Claim to Payment 41
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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 67,451 (GBP)7,666,220,555
Substituted to date (since 26 March 2001) 562,237 (GBP)48,998,814,077
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CPR Analysis
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Monthly Annualised
Current Month CPR Rate - Removals 1.83% 19.84%
Previous Month CPR Rate - Removals 2.91% 29.86%
Current Month CPR Rate - Non-Removals 1.64% 17.96%
Previous Month CPR Rate - Non-Removals 2.77% 28.62%
Current Month CPR Rate - Total 3.46% 34.48%
Previous Month CPR Rate - Total 5.68% 50.35%
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Weighted Average Seasoning (by value) Months 23.226
Weighted Average Remaining Term (by value) Years 20.70
Average Loan Size (GBP)90,984
Weighted Average LTV (by value) 75.00%
Weighted Average Indexed LTV (by value) 65.50%
Non Verified (by value) 39.03%
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Product Breakdown
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Fixed Rate (by balance) 51.94%
Together (by balance) 23.09%
Capped (by balance) 0.70%
Variable (by balance) 21.02%
Tracker (by balance) 3.25%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 6,010 1.97% 548,570,363 1.98%
East Midlands 21,575 7.09% 1,762,074,499 6.36%
Greater London 36,773 12.08% 5,463,539,169 19.72%
North 33,487 11.00% 2,016,965,778 7.28%
North West 41,010 13.47% 3,008,825,323 10.86%
Scotland 36,760 12.07% 2,440,861,059 8.81%
South East 45,214 14.85% 5,624,231,497 20.30%
South West 19,543 6.42% 1,992,030,762 7.19%
Wales 12,599 4.14% 919,825,053 3.32%
West Midlands 19,990 6.56% 1,714,975,023 6.19%
Yorkshire 31,548 10.36% 2,216,445,910 8.00%
Total 304,509 100% 27,705,573,878 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% <25% 10,903 432,206,952 1.56%
>= 25% <50% 36,881 2,778,869,060 10.03%
>= 50% <60% 24,063 2,263,545,386 8.17%
>= 60% <65% 14,175 1,407,443,153 5.08%
>= 65% <70% 16,989 1,712,204,466 6.18%
>= 70% <75% 22,285 2,244,151,484 8.10%
>= 75% <80% 23,558 2,654,193,978 9.58%
>= 80% <85% 38,064 4,125,359,950 14.89%
>= 85% <90% 39,463 3,720,858,572 13.43%
>= 90% <95% 57,335 4,654,536,412 16.80%
>= 95% <100% 20,443 1,690,040,007 6.10%
>= 100% 350 22,164,459 0.08%
Total 304,509 27,705,573,878 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 25,565 1,947,701,844 7.03%
Interest Only 48,646 7,015,051,306 25.32%
Pension Policy 602 63,722,820 0.23%
Personal Equity Plan 1,147 85,887,279 0.31%
Repayment 228,549 18,593,210,630 67.11%
Total 304,509 27,705,573,878 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 266,001 22,818,310,646 82.36%
Part Time 3,889 252,120,722 0.91%
Retired 475 16,623,344 0.06%
Self Employed 31,103 4,468,909,067 16.13%
Other 3,041 149,610,099 0.54%
Total 304,509 27,705,573,878 100.00%
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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 $600,034,693 Aaa/AAA/AAA 2.57% 0.06%
A2 (euro)494,000,000 Aaa/AAA/AAA 2.25% 0.07%
A3 $1,248,100,000 Aaa/AAA/AAA 2.61% 0.10%
B $59,200,000 Aa3/AA/AA 2.67% 0.16%
M $31,400,000 A2/A/A 2.78% 0.27%
C $62,700,000 Baa2/BBB/BBB 3.10% 0.59%
Series 2
A1 $713,700,000 Aaa/AAA/AAA 2.65% 0.14%
A2 (euro)800,150,000 Aaa/AAA/AAA 2.32% 0.14%
B (euro)74,400,000 Aa3/AA/AA 2.46% 0.28%
M (euro)57,900,000 A2/A/A 2.55% 0.37%
C (euro)139,050,000 Baa2/BBB/BBB 2.98% 0.80%
Series 3
A1 (GBP)411,250,000 Aaa/AAA/AAA 5.06% 0.18%
A2 (GBP)600,000,000 Aaa/AAA/AAA 5.515% Fixed until
09/2011
B (GBP)54,350,000 Aa3/AA/AA 5.23% 0.35%
M (GBP)42,250,000 A2/A/A 5.33% 0.45%
C (GBP)99,450,000 Baa2/BBB/BBB 5.76% 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 15.66%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 6.05%
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% of Funding Share
Class B and M Notes ((GBP) Equivalent) (GBP)593,051,601 3.04%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 1.17%
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Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.25%
Balance Brought Forward (GBP)41,000,000 0.21%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)6,307,048 0.03%
Funding Reserve Fund Top-up this Period* (GBP)692,952 0.00%
Current Balance (GBP)48,000,000 0.25%
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Funding Reserve Balance (GBP)45,046,484 0.23%
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
A arrears trigger event will occur if the outstanding principal balance of 90+
day arrears in the trust exceed 2%. In the event of an arrears trigger the
Granite Mortgages 04-2 issuer reserve fund will step up to 1.415%, the Granite
04-3 issuer reserve fund will step up to 1.38% and the Funding 2 reserve fund
required amount increases by (GBP)5 million. This trigger event is curable.
A 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 an 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%, the funding reserve
target will step up by 0.10% and the funding 2 reserve fund required amount
increases by (GBP)5 million. If the breach is rectified only the funding 2
reserve fund required amount will reduce to its original target.
A 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 an accelerated
controlled amortisation trigger all Granite Mortgages 04-2 & 04-3 tranches
become pass through securities.