6-K 1 efc3-1442_fm6kgranite022.txt GRANITE 02-2 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, 2003 GRANITE MORTGAGES 02-2 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) 4 Royal Mint Court, London EC3N 4HJ, 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 02-2 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: 26 September 2003 GRANITE FINANCE FUNDING LIMITED By: /s/ Nigel Charles Bradley --------------------------------- Name: Nigel Charles Bradley Title: Director Date: 26 September 2003 GRANITE FINANCE TRUSTEES LIMITED By: /s/ Richard Gough -------------------------------- Name: Richard Gough Title: Director Date: 26 September 2003 INVESTORS' MONTHLY REPORT ------------------------- GRANITE MORTGAGES 02-2 PLC -------------------------- Monthly Report re: Granite Mortgages 02-2 Plc, Granite Finance Trustees Limited and Granite Finance Funding Limited Period 1 August 2003 - 31 August 2003 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 ------------------------------------------------------------------------------- Number of Mortgage Loans in Pool 196,632 Current Balance (GBP)14,304,690,042 Last Months Closing Trust Assets (GBP)11,974,308,627 Funding share (GBP)11,702,472,622 Funding Share Percentage 81.81% Seller Share* (GBP)2,602,217,420 Seller Share Percentage 18.19% Minimum Seller Share (Amount)* (GBP)372,201,672 Minimum Seller Share (% of Total) 2.60% Excess Spread last Quarter (% of Total) Annualised 0.45% ------------------------------------------------------------------------------- * Please see the Additional Notes to the Investor Reports

Arrears Analysis of Non Repossessed Mortgage Loans ----------------------------------------------------------------------------------------------------~~--------~~ Number Principal (~~(pound~~GBP)) Arrears (~~(pound~~GBP)) By Principal (%) < 1 Month ~~169~~193,~~056~~971 1114,~~837~~131,~~051~~007,~~233~~151 0 98.8579% > = 1 < 3 Months 12,~~847~~182 ~~114~~145,~~060~~073,~~019~~476 1,~~031~~317,~~342~~295 01.9501% > = 3 < 6 Months ~~320~~380 1822,~~778~~855,~~132~~867 ~~459~~546,~~779~~079 0.16% > = 6 < 9 Months 5783 34,~~169~~573,~~568~~333 ~~135~~189,~~168~~926 0.03% > = 9 < 12 Months 219 ~~940~~836,~~573~~277 5453,~~475~~398 0.01% > = 12 Months 7 ~~309~~343,~~102~~938 9679,~~815~~856 0.00% Total ~~171~~196,~~308~~632 1114,~~974~~304,~~308~~690,~~627~~042 12,~~777~~186,~~579~~554 100.00% ----------------------------------------------------------------------------------------------------~~--------~~

Properties in Possession ------------------------------------------------------------------------------- Number Principal (GBP) Arrears (GBP) Total (since inception) 48 2,452,199 100,624 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Properties in Possession 22 Number Brought Forward 12 Repossessed (Current Month) 10 Sold (since inception) 26 Sold (current month) 1 Sale Price / Last Loan Valuation 1.07 Average Time from Possession to Sale (days) 117 Average Arrears at Sale (GBP)1,964 Average Principal Loss (Since inception)* (GBP)567 Average Principal Loss (current month)** (GBP)1,447 MIG Claims Submitted 6 MIG Claims Outstanding 2 Average Time from Claim to Payment 56 ------------------------------------------------------------------------------- *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 ------------------------------------------------------------------------------- Number Principal (GBP) Substituted this period 33,239 (GBP)2,913,085,151 Substituted to date (since 26 March 2001) 272,171 (GBP)20,408,386,646 ------------------------------------------------------------------------------- CPR Analysis ------------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate 4.45% 42.03% Previous Month CPR Rate 5.03% 44.96% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 22.95 Weighted Average Remaining Term (by value) Years 20.11 Average Loan Size (GBP)72,749 Weighted Average LTV (by value) 74.86% -------------------------------------------------------------------------------- Product Breakdown ------------------------------------------------------------------------------- Fixed Rate (by balance) 48.72% Together (by balance) 27.46% Capped (by balance) 2.70% Variable (by balance) 20.50% Tracker (by balance) 0.62% Total 100.0% -------------------------------------------------------------------------------

Geographic Analysis ------------------------------------------------------------------------------------------------------------ Number % of Total Value (~~(pound~~GBP)) % of Total East Anglia 4,~~049~~561 2.3632% ~~281~~329,~~396~~007,~~253~~871 2.3530% East Midlands 1416,~~360~~106 8.3819% ~~881~~1,~~309~~025,~~115~~646,276 7.3617% Greater London 2024,~~438~~248 1112.9333% 2,~~267~~800,~~934~~858,~~054~~310 1819.9458% North 2428,~~856~~082 14.5128% 1,~~193~~385,~~838~~409,~~570~~231 9.9769% North West 2529,~~705~~615 15.0106% 1,~~445~~717,~~299~~993,~~051~~274 12.0701% South East 2631,~~950~~197 15.7387% 23,~~513~~031,~~407~~163,~~381~~820 2021.9919% South West 1214,~~491~~205 7.2922% ~~938~~1,~~785~~118,~~796~~626,761 7.8482% Wales 89,~~390~~560 4.9086% ~~463~~543,~~405~~578,~~744~~222 3.8780% West Midlands 1214,~~951~~836 7.5655% ~~834~~993,~~609~~460,~~311~~723 6.9795% Yorkshire 2124,~~118~~222 12.3332% 1,~~154~~358,~~323~~945,~~352~~554 9.6450% Total ~~171~~196,~~308~~632 100% 1114,~~974~~304,~~308~~690,~~627~~042 100% ------------------------------------------------------------------------------------------------------------ LTV Levels Breakdown ------------------------------------------------------------------------------------------------------------ Number Value (GBP) % of Total 0% <25% 6,081 250,332,076 1.75% > = 25% <50% 22,618 1,539,184,649 10.76% > = 50% <60% 14,767 1,205,885,371 8.43% > = 60% <65% 8,567 738,122,006 5.16% > = 65% <70% 10,057 884,029,845 6.18% > = 70% <75% 16,583 1,336,058,050 9.34% > = 75% <80% 13,743 1,265,965,069 8.85% > = 80% <85% 14,334 1,162,971,300 8.13% > = 85% <90% 33,638 2,267,293,372 15.85% > = 90% <95% 40,378 2,719,321,577 19.01% > = 95% <100% 15,763 929,804,853 6.50% > = 100% 103 5,721,876 0.04% Total 196,632 14,304,690,042 100.0% ------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------- NR Current Existing Borrowers' SVR 5.49% Effective Date of Change 1 August 2003 ----------------------------------------------------------------------------------

Notes Granite Mortgages 02-2 plc ------------------------------------------------------------------------------------------------------------ ~~Number~~Outstanding ~~Value~~Rating ~~((pound))~~Reference %Rate ofMargin ~~Total~~Moodys/S&P/Fitch Series 1 A1 $155,000,000 Aaa/AAA/AAA 1.22% 0.11% <A2 25$1,150,000,000 Aaa/AAA/AAA 1.29% ~~5,111~~0.18% ~~197~~B $60,~~576~~000,~~092~~000 Aa3/AA/AA 1.6548% >0.37% =C $88,000,000 Baa2/BBB/BBB 2.36% 1.25% <Series ~~50%~~2 ~~19,333~~A (euro)1,~~284~~100,~~843~~000,~~316~~000 10Aaa/AAA/AAA 2.7332% >0.19% =B (euro)41,000,000 Aa3/AA/AA 2.50% ~~< 60~~0.37% ~~12,617~~C 1(euro)53,~~007~~000,~~039,356~~000 8Baa2/BBB/BBB 3.4138% ~~> = 60~~1.25% <Series ~~65%~~3 ~~7,230~~A ~~607~~(GBP)665,~~097~~000,~~447~~000 5Aaa/AAA/AAA 3.0760% >0.19% =B ~~65%~~(GBP)25,000,000 <Aa3/AA/AA 703.78% ~~8,640~~0.37% ~~734~~C (GBP)33,~~025~~000,~~119~~000 6Baa2/BBB/BBB 4.1366% >1.25% =------------------------------------------------------------------------------------------------------------ ~~70%~~Credit <Enhancement 75------------------------------------------------------------------------------------------------------------ % ~~14,859~~of 1Notes Outstanding Class B Notes (GBP)Equivalent) (GBP)90,~~138~~075,~~756,750~~869 93.5171% >Class =C ~~75%~~Notes <(GBP)Equivalent) ~~80% 11~~(GBP)123,~~057 933~~900,~~996,073~~819 75.8011% >------------------------------------------------------------------------------------------------------------ =------------------------------------------------------------------------------------------------------------ 80% <of ~~85%~~Funding ~~12,310~~Share ~~930~~Class B Notes (GBP)Equivalent) (GBP)90,~~403~~075,~~780~~869 70.77% >Class =C ~~85%~~Notes <(GBP)Equivalent) ~~90% 31,971 2,~~(GBP)123,~~044~~900,~~920~~819 171.7306% >------------------------------------------------------------------------------------------------------------ =------------------------------------------------------------------------------------------------------------ ~~90%~~Granite <Mortgages ~~95%~~02-2 ~~36,855~~Reserve 2Fund Requirement (GBP)39,~~381~~000,~~689,986~~000 190.8933% >Balance =Brought 95Forward (GBP)39,000,000 0.33% <Drawings ~~100~~last Quarter (GBP)0 0.00% ~~11,231~~Excess ~~631~~Spread last Quarter (GBP)4,~~046~~523,~~065~~034 50.2704% >Funding =Reserve ~~100%~~Fund 94Top-up this Period* -(GBP)4,~~789~~523,~~723~~034 -0.04% ~~Total~~Current ~~171,308~~Balance 11(GBP)39,~~974~~000,~~308~~000 0.33% ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Funding Reserve Balance (GBP)34,~~627~~266,596 ~~100~~0.29% Funding Reserve % 0.6% NA ------------------------------------------------------------------------------------------------------------ *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

------------------------------------------------------------------------------------------------------------ Outstanding Rating Reference Rate Margin Moodys/S&P/Fitch Series 1 A1 $155,000,000 Aaa/AAA/AAA 1.22% 0.11% A2 $1,150,000,000 Aaa/AAA/AAA 1.29% 0.18% B $60,000,000 Aa3/AA/AA 1.48% 0.37% C $88,000,000 Baa2/BBB/BBB 2.36% 1.25% Series 2 A (euro)1,100,000,000 Aaa/AAA/AAA 2.32% 0.19% B (euro)41,000,000 Aa3/AA/AA 2.50% 0.37% C (euro)53,000,000 Baa2/BBB/BBB 3.38% 1.25% Series 3 A (pound)665,000,000 Aaa/AAA/AAA 3.60% 0.19% B (pound)25,000,000 Aa3/AA/AA 3.78% 0.37% C (pound)33,000,000 Baa2/BBB/BBB 4.66% 1.25% ------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------ % of Funding Share Class B Notes ((pound)Equivalent) (pound)90,075,869 0.77% Class C Notes ((pound)Equivalent) (pound)123,900,819 1.06% ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Granite Mortgages 02-2 Reserve Fund Requirement (pound)39,000,000 0.33% Balance Brought Forward (pound)39,000,000 0.33% Drawings this Period (pound)0 0.00% Excess Spread this Period (pound)4,523,034 0.04% Funding Reserve Fund Top-up this Period* -(pound)4,523,034 -0.04% Current Balance (pound)39,000,000 0.33% ------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------------ Funding Reserve Balance (pound)34,266,596 0.29% Funding Reserve % 0.6% NA ------------------------------------------------------------------------------------------------------------ *Top-ups only occur at the end of each quarter.

Filing Compare · GRANITE MORTGAGES 02-2 PLC