6-K 1 efc3-0985_form6k.txt 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 May, 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: 24 June 2003 GRANITE FINANCE FUNDING LIMITED By: /s/ Nigel Charles Bradley --------------------------- Name: Nigel Charles Bradley Title: Director Date: 24 June 2003 GRANITE FINANCE TRUSTEES LIMITED By: /s/ Richard Gough -------------------------- Name: Richard Gough Title: Director Date: 24 June 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 May 2003 - 31 May 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 182,949 Current Balance (GBP)12,709,533,564 Last Months Closing Trust Assets (GBP)13,407,612,871 Funding share (GBP)11,784,472,312 Funding Share Percentage 92.72% Seller Share (GBP)925,061,252 Seller Share Percentage 7.28% Minimum Seller Share (Amount) (GBP)307,743,590 Minimum Seller Share (% of Total) 2.42% -------------------------------------------------------------------------------- Arrears Analysis of Non Repossessed Mortgage Loans

Properties in Possession ------------------------------------------------------------------------------ Number Principal(GBP) Arrears(GBP) Total (since inception) 31 1,547,332 70,228 ------------------------------------------------------------------------------ --------------------------------------------------------------- Properties in Possession 11 Number Brought Forward 7 Repossessed (Current Month) 4 Sold (since inception) 20 Sold (current month) 3 Sale Price / Last Loan Valuation 1.06 Average Time from Possession to Sale (days) 118 Average Arrears at Sale (GBP)2,183 Average Principal Loss (Since inception)* (GBP)652 Average Principal Loss (current month)** (GBP)0 MIG Claims Submitted 3 MIG Claims Outstanding 1 Average Time from Claim to Payment 69 --------------------------------------------------------------- * 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 0 (GBP)0 Substituted to date (since 26 March 2001) 238,932 (GBP)16,995,302,553 ----------------------------------------------------------------------------- CPR Analysis ----------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate 5.49% 49.23% Previous Month CPR Rate 4.83% 44.77% ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 23.58 Weighted Average Remaining Term (by value) Years 20.08 Average Loan Size (GBP)69,470 Weighted Average LTV (by value) 75.68% ----------------------------------------------------------------------------- Product Breakdown --------------------------------------------------------------------- Fixed Rate (by balance) 42.52% Together (by balance) 31.10% Capped (by balance) 3.26% Variable (by balance) 22.84% Tracker (by balance) 0.28% Total 100.0% --------------------------------------------------------------------- Geographic Analysis ------------------------------------------------------------------------------- Number % of Total Value ((GBP)) % of Total East Anglia 4,371 2.39% 303,757,852 2.39% East Midlands 15,555 8.50% 948,131,204 7.46% Greater London 21,315 11.65% 2,351,263,709 18.50% North 26,496 14.48% 1,273,495,263 10.02% North West 27,466 15.01% 1,544,208,328 12.15% South East 28,671 15.67% 2,655,021,562 20.89% South West 13,390 7.32% 1,001,511,245 7.88% Wales 9,086 4.97% 502,026,576 3.95% West Midlands 13,922 7.61% 892,209,256 7.02% Yorkshire 22,677 12.40% 1,237,908,569 9.74% Total 182,949 100% 12,709,533,564 100% ------------------------------------------------------------------------------- LTV Levels Breakdown ------------------------------------------------------------------------------- Number Value(GBP) % of Total 0% < 25% 5,015 196,997,770 1.55% > = 25% < 50% 19,671 1,314,165,771 10.34% > = 50% < 60% 12,947 1,035,826,985 8.15% > = 60% < 65% 7,428 624,038,098 4.91% > = 65% < 70% 8,835 743,507,713 5.85% > = 70% < 75% 15,706 1,197,238,062 9.42% > = 75% < 80% 11,705 960,840,737 7.56% > = 80% < 85% 12,698 946,860,251 7.45% > = 85% < 90% 33,988 2,278,819,368 17.93% > = 90% < 95% 41,361 2,665,189,188 20.97% > = 95% < 100% 13,501 740,965,807 5.83% > = 100% 94 5,083,813 0.04% Total 182,949 12,709,533,564 100.0% ----------------------------------------------------------------------------- ------------------------------------------------------------------------ NR Current Existing Borrowers' SVR 5.69% Effective Date of Change 1 March 2003 ------------------------------------------------------------------------

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