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 June, 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: August 19, 2005
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan David Rigby
------------------------------------
Name: Jonathan David Rigby
Title: Director
Date: August 19, 2005
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: August 19, 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 Trustees Limited, Granite
Master Issuer Plc, Granite Finance Funding Limited and Granite Finance Funding 2
Limited Period 1 June 2005 - 30 June 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 302,724
Current Balance - Trust Mortgage Assets (GBP)28,231,430,154
Current Balance - Trust Cash and other Assets (GBP)1,905,576,682
Last Months Closing Trust Assets (GBP)31,596,778,815
Funding share (GBP)18,139,626,152
Funding 2 share (GBP)7,885,265,191
Funding and Funding 2 share (GBP)26,024,891,343
Funding and Funding 2 Share Percentage 86.36%
Seller Share* (GBP)4,112,115,493
Seller Share Percentage 13.64%
Minimum Seller Share (Amount)* (GBP)1,812,464,839
Minimum Seller Share (% of Total) 6.01%
Excess Spread last quarter annualised (% of Total) 0.41%
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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 297,351 27,719,748,867 0 98.19%
> = 1 < 3 Months 4,381 422,071,137 3,556,140 1.50%
> = 3 < 6 Months 781 71,838,639 1,666,979 0.25%
> = 6 < 9 Months 184 15,856,034 631,935 0.06%
> = 9 < 12 Months 26 1,860,327 107,695 0.01%
> = 12 Months 1 55,150 4,115 0.00%
Total 302,724 28,231,430,154 5,966,864 100.00%
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Properties in Possession
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Number Principal ((GBP)) Arrears ((GBP))
Total (since inception) 485 33,836,318 1,653,827
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Properties in Possession 145
Number Brought Forward 107
Repossessed (Current Month) 38
Sold (since inception) 340
Sold (current month) 57
Sale Price / Last Loan Valuation 1.05
Average Time from Possession to Sale (days) 132
Average Arrears at Sale (GBP)3,249
Average Principal Loss (Since inception)* (GBP)744
Average Principal Loss (current month)** (GBP)2,795
MIG Claims Submitted 9
MIG Claims Outstanding 3
Average Time from Claim to Payment 53
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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) 631,014 (GBP)56,601,148,674
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CPR Analysis
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% of CPR
Current Month % of CPR - Removals* 62.30%
Previous Month % of CPR - Removals* 51.90%
Current Month % of CPR - Non-Removals** 37.70%
Previous Month % of CPR - Non-Removals** 48.10%
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*Removals are loans that Northern Rock has repurchased from the Trust (e.g.
Further Advances and Product Switches)
**Non-Removals are scheduled repayments, overpayments and redemptions
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Monthly Annualised
Current Month CPR Rate - Total 6.50% 55.33%
Previous Month CPR Rate - Total 4.85% 44.95%
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Weighted Average Seasoning (by value) Months 24.68
Weighted Average Remaining Term (by value) Years 20.74
Average Loan Size (GBP)93,258
Weighted Average LTV (by value) 75.17%
Weighted Average Indexed LTV (by value) 68.11%
Non Verified (by value) 40.11%
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Product Breakdown
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Fixed Rate (by balance) 51.48%
Together (by balance) 22.76%
Capped (by balance) 0.59%
Variable (by balance) 21.52%
Tracker (by balance) 3.66%
Total 100.0%
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Geographic Analysis
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Number % of Total Value ((GBP)) % of Total
East Anglia 5,982 1.98% 565,982,580 2.00%
East Midlands 21,285 7.03% 1,802,038,437 6.38%
Greater London 36,011 11.90% 5,464,402,317 19.36%
North 32,066 10.59% 1,977,592,686 7.00%
North West 40,428 13.35% 3,064,417,305 10.85%
Scotland 40,115 13.25% 2,734,540,263 9.69%
South East 44,329 14.64% 5,648,564,329 20.01%
South West 19,206 6.34% 2,018,005,541 7.15%
Wales 12,510 4.13% 949,022,973 3.36%
West Midlands 19,836 6.55% 1,752,860,790 6.21%
Yorkshire 30,956 10.23% 2,254,002,932 7.98%
Total 302,724 100% 28,231,430,154 100%
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LTV Levels Breakdown
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Number Value ((GBP)) % of Total
0% < 25% 11,598 442,268,943 1.57%
> = 25% < 50% 37,034 2,774,502,491 9.83%
> = 50% < 55% 11,615 1,055,435,235 3.74%
> = 55% < 60% 12,573 1,204,010,908 4.26%
> = 60% < 65% 14,500 1,469,259,883 5.20%
> = 65% < 70% 17,662 1,786,954,783 6.33%
> = 70% < 75% 22,635 2,349,045,800 8.32%
> = 75% < 80% 22,927 2,614,166,128 9.26%
> = 80% < 85% 38,163 4,145,793,561 14.69%
> = 85% < 90% 36,399 3,690,980,978 13.07%
> = 90% < 95% 55,446 4,737,457,207 16.78%
> = 95% < 100% 21,587 1,919,351,427 6.80%
> = 100% 585 42,202,809 0.15%
Total 302,724 28,231,430,154 100.0%
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Repayment Method
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Number Value ((GBP)) % of Total
Endowment 21,564 1,640,935,762 5.81%
Interest Only 54,260 7,841,620,550 27.78%
Pension Policy 527 52,582,294 0.19%
Personal Equity Plan 935 69,685,408 0.25%
Repayment 225,438 18,626,606,140 65.98%
Total 302,724 28,231,430,154 100.00%
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Employment Status
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Number Value ((GBP)) % of Total
Full Time 263,865 23,211,554,604 82.22%
Part Time 3,936 254,553,010 0.90%
Retired 434 13,600,615 0.05%
Self Employed 31,530 4,606,889,436 16.32%
Other 2,959 144,832,488 0.51%
Total 302,724 28,231,430,154 100.00%
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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 $0 Aaa/AAA/AAA 3.49% 0.06%
A2 (GBP) 397,632,674.00 Aaa/AAA/AAA 2.19% 0.07%
A3 $1,248,100,000 Aaa/AAA/AAA 3.53% 0.10%
B $59,200,000 Aa3/AA/AA 3.59% 0.16%
M $31,400,000 A2/A/A 3.70% 0.27%
C $62,700,000 Baa2/BBB/BBB 4.02% 0.59%
Series 2
A1 $713,700,000 Aaa/AAA/AAA 3.57% 0.14%
A2 (GBP)800,150,000 Aaa/AAA/AAA 2.26% 0.14%
B (GBP)74,400,000 Aa3/AA/AA 2.40% 0.28%
M (GBP)57,900,000 A2/A/A 2.49% 0.37%
C (GBP)139,050,000 Baa2/BBB/BBB 2.92% 0.80%
Series 3
A1 (GBP)411,250,000 Aaa/AAA/AAA 5.04% 0.18%
A2 (GBP)600,000,000 Aaa/AAA/AAA 5.515% Fixed until 09/2011
B (GBP)54,350,000 Aa3/AA/AA 5.21% 0.35%
M (GBP)42,250,000 A2/A/A 5.31% 0.45%
C (GBP)99,450,000 Baa2/BBB/BBB 5.74% 0.88%
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Credit Enhancement
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% of Notes Outstanding
Class B and M Notes ((GBP) Equivalent) (GBP)237,352,601 7.08%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 6.84%
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% of Funding Share
Class B and M Notes ((GBP) Equivalent) (GBP)237,352,601 1.31%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 1.26%
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Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.26%
Balance Brought Forward (GBP)48,000,000 0.26%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)4,881,707 0.03%
Funding Reserve Fund Top-up this Period* (4,881,707) -0.03%
Current Balance (GBP)48,000,000 0.26%
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Funding Reserve Balance (GBP)82,337,162 0.45%
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)8 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)8 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.