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 October, 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: December 2, 2005
GRANITE FINANCE FUNDING LIMITED
By: /s/ Jonathan Rigby
------------------------------------
Name: Jonathan Rigby
Title: Director
Date: December 2, 2005
GRANITE FINANCE TRUSTEES LIMITED
By: /s/ Dean Godwin
------------------------------------
Name: Dean Godwin
Title: Director
Date: December 2, 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 October 2005 - 31 October 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 312,829
Current Balance - Trust Mortgage Assets (GBP)30,387,282,979
Current Balance - Trust Cash and other Assets (GBP)2,007,530,233
Last Months Closing Trust Assets (GBP)34,118,588,012
Funding share (GBP)16,829,481,215
Funding 2 share (GBP)11,510,636,027
Funding and Funding 2 share (GBP)28,340,117,242
Funding and Funding 2 Share Percentage 87.48%
Seller Share* (GBP)4,054,695,969
Seller Share Percentage 12.52%
Minimum Seller Share (Amount)* (GBP)2,077,090,203
Minimum Seller Share (% of Total) 6.41%
Excess Spread last quarter annualised (% of Total) 0.36%
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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 < 3 Months 5,252 531,689,057 4,509,073 1.75%
> = 3 < 6 Months 1,036 101,271,934 2,387,439 0.33%
> = 6 < 9 Months 209 20,844,909 829,737 0.07%
> = 9 < 12 Months 23 2,136,471 120,214 0.01%
> = 12 Months 3 306,796 21,794 0.00%
Total 6,523 656,249,167 7,868,257 2.16%
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Properties in Possession
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Number Principal (GBP) Arrears (GBP)
Total (since inception) 748 54,826,236 2,686,692
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Properties in Possession 265
Number Brought Forward 214
Repossessed (Current Month) 51
Sold (since inception) 483
Sold (current month) 47
Sale Price / Last Loan Valuation 1.05
Average Time from Possession to Sale (days) 128
Average Arrears at Sale (GBP)3,377
Average Principal Loss (Since inception)* (GBP)1,100
Average Principal Loss (current month)** (GBP)1,446
MIG Claims Submitted 9
MIG Claims Outstanding 0
Average Time from Claim to Payment 104
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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) 702,608 (GBP)64,972,043,118
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CPR Analysis
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% of CPR
Current Month % of CPR - Removals* 57.50%
Previous Month % of CPR - Removals* 56.30%
Current Month % of CPR - Non-Removals** 42.50%
Previous Month % of CPR - Non-Removals** 43.70%
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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 6.34% 54.40%
Previous Month CPR Rate - Total 5.25% 47.65%
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Weighted Average Seasoning (by value) Months 25.14
Weighted Average Remaining Term (by value) Years 20.81
Average Loan Size (GBP)97,137
Weighted Average LTV (by value) 75.63%
Weighted Average Indexed LTV (by value) 67.83%
Non Verified (by value) 42.91%
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Product Breakdown
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Fixed Rate (by balance) 54.08%
Together (by balance) 21.11%
Capped (by balance) 0.48%
Variable (by balance) 19.74%
Tracker (by balance) 4.59%
Total 100.00%
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Geographic Analysis
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Number % of Total Value (GBP) % of Total
East Anglia 6,223 1.99% 612,782,668 2.02%
East Midlands 21,835 6.98% 1,926,670,360 6.34%
Greater London 37,914 12.12% 5,914,615,389 19.46%
North 31,673 10.12% 2,033,747,178 6.69%
North West 41,388 13.23% 3,284,576,578 10.81%
Scotland 42,314 13.53% 2,969,493,857 9.77%
South East 46,761 14.95% 6,137,627,976 20.20%
South West 20,369 6.51% 2,237,775,682 7.36%
Wales 12,626 4.04% 1,004,558,768 3.31%
West Midlands 20,557 6.57% 1,897,322,716 6.24%
Yorkshire 31,169 9.96% 2,368,111,808 7.79%
Total 312,829 100% 30,387,282,979 100%
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LTV Levels Breakdown
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Number Value (GBP) % of Total
0% < 25% 12,396 462,021,749 1.52%
> = 25% < 50% 38,769 2,923,333,074 9.62%
> = 50% < 55% 12,338 1,155,622,722 3.80%
> = 55% < 60% 13,265 1,305,393,384 4.30%
> = 60% < 65% 15,206 1,593,589,091 5.24%
> = 65% < 70% 18,609 1,929,686,220 6.35%
> = 70% < 75% 23,027 2,530,598,657 8.33%
> = 75% < 80% 23,070 2,714,199,316 8.93%
> = 80% < 85% 39,636 4,516,290,326 14.86%
> = 85% < 90% 36,485 3,922,898,656 12.91%
> = 90% < 95% 54,595 4,947,047,678 16.28%
> = 95% < 100% 24,673 2,326,468,971 7.66%
> = 100% 760 60,133,134 0.20%
Total 312,829 30,387,282,979 100.0%
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Repayment Method
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Number Value (GBP) % of Total
Endowment 18,842 1,433,598,162 4.72%
Interest Only 62,510 9,168,872,433 30.17%
Pension Policy 449 43,841,937 0.14%
Personal Equity Plan 825 59,576,603 0.20%
Repayment 230,203 19,681,393,843 64.77%
Total 312,829 30,387,282,979 100.00%
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Employment Status
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Number Value (GBP) % of Total
Full Time 271,042 24,816,850,473 81.67%
Part Time 4,079 278,287,110 0.92%
Retired 459 16,428,892 0.05%
Self Employed 34,272 5,130,578,160 16.88%
Other 2,977 145,138,344 0.48%
Total 312,829 30,387,282,979 100.00%
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NR Current Existing Borrowers' SVR 6.59%
Effective Date of Change 1 September 2005
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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 3.95% 0.06%
A2 (euro)128,341,901.00 Aaa/AAA/AAA 2.21% 0.07%
A3 $1,248,100,000 Aaa/AAA/AAA 3.99% 0.10%
B $59,200,000 Aa3/AA/AA 4.05% 0.16%
M $31,400,000 A2/A/A 4.16% 0.27%
C $62,700,000 Baa2/BBB/BBB 4.48% 0.59%
Series 2
A1 $713,700,000 Aaa/AAA/AAA 4.03% 0.14%
A2 (euro)800,150,000 Aaa/AAA/AAA 2.28% 0.14%
B (euro)74,400,000 Aa3/AA/AA 2.42% 0.28%
M (euro)57,900,000 A2/A/A 2.51% 0.37%
C (euro)139,050,000 Baa2/BBB/BBB 2.94% 0.80%
Series 3
A1 (GBP)411,250,000 Aaa/AAA/AAA 4.78% 0.18%
A2 (GBP)600,000,000 Aaa/AAA/AAA 5.515% Fixed until 09/2011
B (GBP)54,350,000 Aa3/AA/AA 4.95% 0.35%
M (GBP)42,250,000 A2/A/A 5.05% 0.45%
C (GBP)99,450,000 Baa2/BBB/BBB 5.48% 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 7.41%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 7.16%
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% of Funding Share
Class B and M Notes ((GBP) Equivalent) (GBP)237,352,601 1.41%
Class C Notes ((GBP) Equivalent) (GBP)229,275,589 1.36%
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Granite Mortgages 04-3 Reserve Fund Requirement (GBP)48,000,000 0.29%
Balance Brought Forward (GBP)48,000,000 0.29%
Drawings this Period (GBP)0 0.00%
Excess Spread this Period (GBP)4,052,672 0.02%
Funding Reserve Fund Top-up this Period* (4,052,672) -0.02%
Current Balance (GBP)48,000,000 0.29%
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Funding Reserve Balance (GBP)113,010,972 0.67%
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)11 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)11 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 interestdue for floating GBP bonds and amounts due to
swap counterparties for currency bonds and Fixed Rate GBP bonds.