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, 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: October 11, 2005
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan David Rigby
------------------------------------
Name: Jonathan David Rigby
Title: Director
Date: October 11, 2005
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Daniel Le Blancq
------------------------------------
Name: Daniel Le Blancq
Title: Director
Date: October 11, 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 Limited, Granite
Master Issuer Plc, Granite Finance Funding Limited and Granite Finance Funding
2 Limited Period 1 August 2005 - 31 August 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 347,782
Current Balance - Trust Mortgage Assets (GBP)34,002,633,092
Current Balance - Trust Cash and other Assets (GBP)1,403,250,535
Last Months Closing Trust Assets (GBP)28,284,697,645
Funding share (GBP)17,707,131,746
Funding 2 share (GBP)8,214,512,882
Funding and Funding 2 share (GBP)25,921,644,628
Funding and Funding 2 Share Percentage 73.21%
Seller Share* (GBP)9,484,238,999
Seller Share Percentage 26.79%
Minimum Seller Share (Amount)* (GBP)2,348,771,706
Minimum Seller Share (% of Total) 6.63%
Excess Spread last quarter annualised (% of Total) 0.46%
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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 341,474 33,360,438,964 0 98.11%
> = 1 < 3 Months 5,210 538,632,679 4,618,512 1.58%
> = 3 < 6 Months 877 83,561,175 1,898,220 0.25%
> = 6 < 9 Months 197 18,283,801 723,415 0.05%
> = 9 < 12 Months 23 1,678,047 107,653 0.00%
> = 12 Months 1 38,426 4,643 0.00%
Total 347,782 34,002,633,092 7,352,443 100.00%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 610 43,771,790 2,148,828
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Properties in Possession 214
Number Brought Forward 147
Repossessed (Current Month) 67
Sold (since inception) 396
Sold (current month) 36
Sale Price / Last Loan Valuation 1.03
Average Time from Possession to Sale (days) 128
Average Arrears at Sale (GBP)3,278
Average Principal Loss (Since inception)* (GBP)830
Average Principal Loss (current month)** (GBP)1,270
MIG Claims Submitted 9
MIG Claims Outstanding 1
Average Time from Claim to Payment 74
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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 71,594 (GBP)8,370,894,444
Substituted to date (since 26 March 2001) 702,608 (GBP)64,972,043,118
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CPR Analysis
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% of CPR
Current Month % of CPR - Removals* 60.00%
Previous Month % of CPR - Removals* 58.10%
Current Month % of CPR - Non-Removals** 40.00%
Previous Month % of CPR - Non-Removals** 41.90%
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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 4.80% 44.57%
Previous Month CPR Rate - Total 4.63% 43.37%
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Weighted Average Seasoning (by value) Months 23.59
Weighted Average Remaining Term (by value) Years 20.94
Average Loan Size (GBP)97,770
Weighted Average LTV (by value) 75.66%
Weighted Average Indexed LTV (by value) 69.05%
Non Verified (by value) 42.82%
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Product Breakdown
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Fixed Rate (by balance) 53.95%
Together (by balance) 21.82%
Capped (by balance) 0.46%
Variable (by balance) 19.15%
Tracker (by balance) 4.62%
Total 100.0%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 6,850 1.97% 678,141,624 1.99%
East Midlands 24,339 7.00% 2,158,201,909 6.35%
Greater London 42,032 12.09% 6,622,434,613 19.48%
North 35,154 10.11% 2,278,650,006 6.70%
North West 46,247 13.30% 3,683,375,354 10.83%
Scotland 46,536 13.38% 3,280,652,992 9.65%
South East 51,949 14.94% 6,871,862,276 20.21%
South West 22,645 6.51% 2,504,094,449 7.36%
Wales 14,129 4.06% 1,126,021,507 3.31%
West Midlands 22,887 6.58% 2,123,561,541 6.25%
Yorkshire 35,014 10.07% 2,675,636,820 7.87%
Total 347,782 100% 34,002,633,092 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% < 25% 12,536 487,060,146 1.43%
> = 25% < 50% 41,295 3,158,303,493 9.29%
> = 50% < 55% 13,336 1,252,350,326 3.68%
> = 55% < 60% 14,433 1,425,945,739 4.19%
> = 60% < 65% 16,785 1,760,138,586 5.18%
> = 65% < 70% 20,318 2,131,155,241 6.27%
> = 70% < 75% 25,835 2,832,716,690 8.33%
> = 75% < 80% 26,045 3,083,973,034 9.07%
> = 80% < 85% 44,407 5,109,440,600 15.03%
> = 85% < 90% 41,828 4,486,977,160 13.20%
> = 90% < 95% 61,360 5,510,180,616 16.21%
> = 95% < 100% 28,943 2,714,179,667 7.98%
> = 100% 661 50,211,795 0.15%
Total 347,782 34,002,633,092 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 20,926 1,618,276,284 4.76%
Interest Only 68,262 10,119,969,469 29.76%
Pension Policy 494 49,389,406 0.15%
Personal Equity Plan 921 68,475,444 0.20%
Repayment 257,179 22,146,522,488 65.13%
Total 347,782 34,002,633,092 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 301,810 27,787,462,956 81.72%
Part Time 4,492 308,186,133 0.91%
Retired 480 17,166,232 0.05%
Self Employed 37,815 5,731,819,971 16.86%
Other 3,185 157,997,799 0.46%
Total 347,782 34,002,633,092 100.00%
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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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Rating
Outstanding Moodys/S&P/Fitch Reference Rate Margin
Series 1
A1 $0 Aaa/AAA/AAA 3.49% 0.06%
A2 (euro) 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 (euro)800,150,000 Aaa/AAA/AAA 2.26% 0.14%
B (euro)74,400,000 Aa3/AA/AA 2.40% 0.28%
M (euro)57,900,000 A2/A/A 2.49% 0.37%
C (euro)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 1.34%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 1.29%
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Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.27%
Balance Brought Forward (GBP)48,000,000 0.27%
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 0.27%
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Funding Reserve Balance (GBP)93,725,129 0.53%
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.
Excess spread is defined, in any month as cash received from Granite Mortgages
Trust in that month plus bank interest due to Funding and Funding 2 and the
Issuer/Master Issuer in that month plus/minus amounts due under the basis rate
swap agreement less bond interest due for floating GBP bonds and amounts due
to swap counterparties for currency bonds and Fixed Rate GBP bonds.