6-K 1 efc4-2144_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 October, 2004 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 Limited By: /s/ Sharon Tyson ------------------------ Name: Sharon Tyson Title: Director Date: December 21, 2004 GRANITE FINANCE FUNDING LIMITED By: /s/ Jonathan David Rigby ------------------------------------ Name: Jonathan David Rigby Title: Director Date: December 21, 2004 GRANITE FINANCE TRUSTEES LIMITED By: /s/ Daniel Le Blancq ------------------------------------ Name: Daniel Le Blancq Title: Director Date: December 21, 2004 INVESTORS' MONTHLY REPORT ------------------------- GRANITE MORTGAGES 04-3 PLC -------------------------- 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 and Granite Finance Funding Limited Period 1 October 2004 - 31 October 2004 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 256,843 Current Balance - Trust Mortgage Assets (GBP) 22,027,751,745 Current Balance - Trust Cash and other Assets (GBP) 1,110,757,290 Last Months Closing Trust Assets (GBP) 23,030,235,806 Funding share (GBP) 21,184,520,647 Funding Share Percentage 91.56% Seller Share* (GBP) 1,953,988,389 Seller Share Percentage 8.44% Minimum Seller Share (Amount)* (GBP) 1,248,893,997 Minimum Seller Share (% of Total) 5.40% Excess Spread last quarter annualised (% of Total) 0.29% ------------------------------------------------------------------------------- * Please see the Additional Notes to the Investor Reports Arrears Analysis of Non Repossessed Mortgage Loans ------------------------------------------------------------------------------- Number Principal Arrears By Principal (GBP) (GBP) (%) < 1 Month 252,566 21,669,419,627 0 98.37% > = 1 < 3 Months 3,541 299,540,203 2,610,187 1.36% > = 3 < 6 Months 588 47,058,703 1,192,170 0.21% > = 6 < 9 Months 119 9,260,596 403,150 0.04% > = 9 < 12 Months 27 2,132,482 123,591 0.01% > = 12 Months 2 340,134 24,959 0.00% Total 256,843 22,027,751,745 4,354,057 100.00% ------------------------------------------------------------------------------- Properties in Possession ------------------------------------------------------------------------------- Number Principal Arrears (GBP) (GBP) Total (since inception) 230 13,760,634 681,854 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Properties in Possession 79 Number Brought Forward 65 Repossessed (Current Month) 14 Sold (since inception) 151 Sold (current month) 0 Sale Price / Last Loan Valuation 1.06 Average Time from Possession to Sale (days) 130 Average Arrears at Sale (GBP) 2,586 Average Principal Loss (Since inception)* (GBP) 138 Average Principal Loss (current month)** (GBP) 0 MIG Claims Submitted 6 MIG Claims Outstanding 0 Average Time from Claim to Payment ------------------------------------------------------------------------------- *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) 478,055 (GBP) 39,832,603,134 ------------------------------------------------------------------------------- CPR Analysis ------------------------------------------------------------------------------- Monthly Annualised Current Month CPR Rate 4.55% 42.82% Previous Month CPR Rate 4.72% 44.04% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- Weighted Average Seasoning (by value) Months 25.00 Weighted Average Remaining Term (by value) Years 20.25 Average Loan Size (GBP) 85,763 Weighted Average LTV (by value) 75.02% Weighted Average Indexed LTV (by value) 60.51% Non Verified (by value) 35.51% ------------------------------------------------------------------------------- Product Breakdown ------------------------------------------------------------------------------- Fixed Rate (by balance) 49.91% Together (by balance) 23.83% Capped (by balance) 0.95% Variable (by balance) 22.28% Tracker (by balance) 3.02% Total 100.0% ------------------------------------------------------------------------------- Geographic Analysis ------------------------------------------------------------------------------- Number % of Total Value (GBP) % of Total East Anglia 5,133 2.00% 440,555,035 2.00% East Midlands 18,123 7.06% 1,389,951,135 6.31% Greater London 31,362 12.21% 4,436,389,202 20.14% North 29,895 11.64% 1,687,325,784 7.66% North West 34,502 13.43% 2,354,766,662 10.69% Scotland 28,766 11.20% 1,810,681,193 8.22% South East 38,180 14.87% 4,498,066,906 20.42% South West 16,431 6.40% 1,572,781,475 7.14% Wales 10,519 4.10% 707,090,831 3.21% West Midlands 16,801 6.54% 1,345,895,632 6.11% Yorkshire 27,131 10.56% 1,784,247,891 8.10% Total 256,843 100% 22,027,751,745 100% ------------------------------------------------------------------------------- LTV Levels Breakdown ------------------------------------------------------------------------------- Number Value (GBP) % of Total 0% < 25% 8,935 345,835,702 1.57% > = 25% < 50% 30,354 2,209,383,500 10.03% > = 50% < 60% 19,742 1,768,828,465 8.03% > = 60% < 65% 11,611 1,099,184,812 4.99% > = 65% < 70% 13,726 1,334,881,756 6.06% > = 70% < 75% 18,583 1,782,045,116 8.09% > = 75% < 80% 20,042 2,207,180,725 10.02% > = 80% < 85% 31,021 3,187,415,678 14.47% > = 85% < 90% 35,492 3,024,410,315 13.73% > = 90% < 95% 52,639 3,980,414,740 18.07% > = 95% < 100% 14,457 1,072,751,510 4.87% > = 100% 241 15,419,426 0.07% Total 256,843 22,027,751,745 100.0% ------------------------------------------------------------------------------- Repayment Method ------------------------------------------------------------------------------- Number Value (GBP) % of Total Endowment 27,027 2,066,203,114 9.38% Interest Only 34,705 4,874,741,461 22.13% Pension Policy 613 63,880,480 0.29% Personal Equity Plan 1,160 88,111,007 0.40% Repayment 193,338 14,934,815,683 67.80% Total 256,843 22,027,751,745 100.00% ------------------------------------------------------------------------------- Employment Status ------------------------------------------------------------------------------- Number Value (GBP) % of Total Full Time 225,061 18,192,720,166 82.59% Part Time 3,202 191,641,440 0.87% Retired 487 15,419,426 0.07% Self Employed 25,467 3,500,209,752 15.89% Other 2,626 127,760,960 0.58% Total 256,843 22,027,751,745 100.00% ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- NR Current Existing Borrowers' SVR 6.84% Effective Date of Change 1 September 2004 -------------------------------------------------------------------------------

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% and the Granite 04-3 issuer reserve fund will step up to 1.38%. 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% and the funding reserve target will step up by 0.10%. 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.

Granite Mortgages 04-3 plc 6-K