FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
Securities Exchange Act of 1934
For the month of Mayl 2004
HOLMES FINANCING (No 1) PLC
HOLMES FUNDING LIMITED
HOLMES TRUSTEES LIMITED
(Translation of registrant’s name into English)
Abbey National House, 2 Triton Square, Regent’sPlace,
London NW1 3AN, England
(Address of principal executive offices)
| Indicate by check mark whether the registrant files 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 registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. |
Yes . . . . . . . No . . .X. . . .
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Mortgage Asset Analysis | |||||
| Analysis of Mortgage Trust Movements | |||||
| Current Period | |||||
| Number | £000's | ||||
| Brought Forward | 415,312 | 29,369,452 | |||
| Replenishment | 21,173 | 1,806,915 | |||
| Repurchased | (7,861) | (637,571) | |||
| Redemptions | (11,526) | (804,655) | |||
| Losses | (8) | 0 | |||
| Capitalised Interest | 0 | 3,818 | |||
| Other Movements | 0 | 0 | |||
| Carried Forward | 417,090 | 29,737,959 | |||
| Cumulative | |||||
| Number | £000's | ||||
| Brought Forward | 115,191 | 6,399,214 | |||
| Replenishment | 795,985 | 58,788,163 | |||
| Repurchased | (224,640) | (15,756,427) | |||
| Redemptions | (269,006) | (19,727,183) | |||
| Losses | (440) | (777) | |||
| Capitalised Interest | 0 | 34,970 | |||
| Other Movements | 0 | (1) | |||
| Carried Forward | 417,090 | 29,737,959 | |||
| Period CPR | Annualised CPR | ||||
| 1 Month | 4.85% | 74.65% | **( including | ||
| 3 Month | 13.47% | 66.95% | redemptions and | ||
| 12 Month | 54.74% | 54.74% | repurchases ) | ||
| ** | The annualised CPR's are expressed as a percentage of the outstanding balance at the end of the period |
| Page 1 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Asset Profiles | |||
| Weighted Average Seasoning | 32.18 | months | |
| Weighted Average Loan size | £71,298.66 | ||
| Weighted Average LTV | 71.98% | ***(see below) | |
| Weighted Average Indexed LTV | 54.62% | Halifax | |
| Weighted Average Indexed LTV | 53.97% | Nationwide | |
| Weighted Average Remaining Term | 18.56 | Years | |
| Product Type Analysis | £000's | % | |
| Variable Rate | 9,471,540 | 31.85% | |
| Fixed Rate | 5,572,894 | 13.67% | |
| Tracker Rate | 14,693,526 | 62.94% | |
| 29,737,959 | 100.00% | ||
| As at 10 May 2004 approximately 7%of the loans were flexible loans | |||
| Repayment Method Analysis | £000's | % | |
| Endowment | 6,955,709 | 23.39% | |
| Interest Only | 4,065,179 | 13.67% | |
| Repayment | 18,717,071 | 62.64% | |
| 29,737,959 | 100.00% | ||
| As at 10 May 2004 approximately 13.1% of the loans were self-certified | |||
| Loan Purpose Analysis | £000's | % | |
| Purchase | 23,362,141 | 80.2278.56% | |
| Remortgage | 6,375,818 | 21.44% | |
| 29,737,959 | 100.00% | ||
| Mortgage Standard Variable Rate | ||
Effective Date | Rate | |
| 01 March 2004 | 6.00% | |
| 01 December 2003 | 5.75% | |
| 01 August 2003 | 5.54% | |
| 01 March 2003 | 5.79% |
| Page 2 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Geographic Analysis | ||||
| Region | Number | £000's | % | |
| East Anglia | 16,932 | 1,122,493 | 3.77% | |
| East Midlands | 22,885 | 1,411,124 | 4.75% | |
| Greater London | 67,567 | 6,256,904 | 21.04% | |
| North | 17,976 | 939,761 | 3.16% | |
| North West | 47,593 | 2,688,028 | 9.04% | |
| Scotland | 27,643 | 1,520,251 | 5.11% | |
| South East | 107,605 | 9,170,046 | 30.84% | |
| South West | 33,087 | 2,334,056 | 7.85% | |
| Wales | 20,474 | 1,097,582 | 3.69% | |
| West Midlands | 28,457 | 1,739,437 | 5.85% | |
| Yorkshire and Humberside | 26,190 | 1,417,631 | 4.77% | |
| Unknown | 681 | 40,646 | 0.14% | |
| Total | 417,090 | 29,737,959 | 100.00% | |
| Original LTV Bands | ||||
| Range | Number | £000's | % | |
| 0.00 - 25.00 | 12,932 | 554,902 | 1.87% | |
| 25.01 - 50.00 | 67,424 | 4,052,729 | 13.63% | |
| 50.01 - 75.00 | 143,626 | 11,232,238 | 37.77% | |
| 75.01 - 80.00 | 22,777 | 1,802,766 | 6.06% | |
| 80.01 - 85.00 | 28,237 | 2,311,400 | 7.77% | |
| 85.01 - 90.00 | 53,464 | 4,360,446 | 14.66% | |
| 90.01 - 95.00 | 88,630 | 5,423,478 | 18.24% | |
| Total | 417,090 | 29,737,959 | 100.00% | |
| *** | The balance is the current outstanding balance on the account including accrued interest. The LTV is that at origination and excludes any capitalised high loan to value fees, valuation fees or booking fees. |
| Page 3 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Arrears | ||||||||
| Band | Number | Principal | Overdue | % | ||||
| Current | 406,067 | 29,006,378 | (3,882) | 97.56% | ||||
| 1.00 - 1.99 months | 7,168 | 486,106 | 3,724 | 1.63% | ||||
| 2.00 - 2.99 months | 1,886 | 119,561 | 1,814 | 0.40% | ||||
| 3.00 - 3.99 months | 783 | 47,561 | 1,046 | 0.16% | ||||
| 4.00 - 4.99 months | 425 | 26,332 | 745 | 0.09% | ||||
| 5.00 - 5.99 months | 254 | 16,491 | 566 | 0.06% | ||||
| 6.00 -11.99 months | 379 | 23,159 | 1,134 | 0.08% | ||||
| 12 months and over | 46 | 2,544 | 305 | 0.01% | ||||
| Properties in Possession | 82 | 4,031 | 344 | 0.01% | ||||
| Total | 417,090 | 29,732,163 | 5,796 | 100.00% | ||||
Definition of Arrears
This arrears multiplier is calculated as the arrears amount ( which is
the difference between the expectedmonthly repayments and the
amount that has actually been paid,i.e. a total of under and/or
over payments ) divided by themonthly amount repayable. It is
recalculated every time the arrearsamount changes, i.e. on the
date when a payment is due.
| Movement in Shares of Trust | Funding | Seller | ||||||
| £000's | £000's | |||||||
| Balance Brought Forward | 16,489,985 | 12,879,467 | ||||||
| Replenishment of Assets | 0 | 1,806,915 | ||||||
| Acquisition by Funding | 0 | 0 | ||||||
| Distribution of Principal Receipts | (406,070) | (1,036,156) | ||||||
| Allocation of Losses | 0 | 0 | ||||||
| Share of Capitalised Interest | 2,145 | 1,673 | ||||||
| Payment Re Capitalised Interest | (2,145) | 2,145 | ||||||
| Balance Carried Forward | 16,083,915 | 13,654,044 | ||||||
| Carried Forward Percentage | 56.08547% | 45.91453% | ||||||
| Minimum Seller Share | 1,258,870 | 4.23% | ||||||
| Page 4 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Cash Accumulation Ledger | ||
| £000's | ||
| Brought Forward | 858,525 | |
| Additional Amounts Accumulated | 406,070 | |
| Payment of Notes | (608,160) | |
| Carried Forward | 656,435 | |
| Target Balance | 406,070 250,365 | payable on 15th July 2004 payable on 15th April 2005 |
| 656,435 | ||
| Liquidity Facilities | Drawn £000's | Undrawn £000's |
| Holmes Funding | £0 | £25,000 |
| Holmes Financing 1 | £0 | £25,000 |
| Holmes Financing 2 | £0 | £25,000 |
| Holmes Financing 3 | £0 | £25,000 |
| Holmes Financing 4 | £0 | £25,000 |
| Holmes Financing 5 | £0 | £25,000 |
| Holmes Financing 6 | £0 | £25,000 |
| Excess Spread * | ||
| Quarter to 15/041/04 | 0.3687% | |
| Quarter to 15/01/03 (Restated)** | 0.4096% | |
| Quarter to 15/10/03 (Restated)** | 0.3433% | |
| Quarter to 15/07/03 (Restated)** | 0.3852% | |
*Excess spread is calculated by reference to deferred consideration (determined according to relevant accounting policies) for the period, adjusted for non-cash related items and items relating to amounts falling due after transfers to the first and second reserve funds in the Funding Revenue Priority of Payments, expressed as a percentage of the average note balance over that period.
**The figures for excess spread in prior periods have been restated to incorporate the cumulative effects of accounting adjustments. This restatement does not affect the past or current cash value of amounts standing to the credit of either the first or the second reserve funds.
| Reserve Funds | First Reserve | Second Reserve | Funding Reserve | |||
| Balance as at 15/04/2004 | £338,000,000.00 | £7,977,968.00 | £67,722,808.72 | |||
| Required Amount as at 15/04/2004 | £338,000,000.00 | £7,977,968.00 | £70,000,000.00 | |||
| Percentage of Notes | 2.02% | 0.05% | 0.40% | |||
| Properties in Possession | ||||||
| Page 5 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
Stock
| Current Period | ||||
| Number | £000's | |||
| Brought Forward | 75 | 4,190 | ||
| Repossessed in Period | 25 | 2,468 | ||
| Sold in Period | (18) | (2,191) | ||
| Carried Forward | 82 | 4,377 | ||
Cumulative | ||||
| Number | £000's | |||
| Repossessed to date | 545 | 34,149 | ||
| Sold to date | (463) | (29.772) | ||
| Carried Forward | 82 | 4,377 | ||
| Repossession Sales Information | ||||
| Average time Possession to Sale | 82 | Days | ||
| Average arrears at time of Sale | £3,373 | |||
| MIG Claim Status | ||||
| Number | £000's | |||
| MIG Claims made | 194 | 1,375 | ||
| MIG Claims outstanding | 1 | 7 | ||
| Average time claim to payment | 36 | |||
| Trigger Events | ||||
| There has been no debit to the AAA Principal Deficiency Ledger | ||||
| The Seller has not suffered an Insolvency Event | ||||
| The Seller is still the Servicer | ||||
| The Outstanding Principal balanceis in excess of £25 billion | ||||
| Page 6 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Retired Class A Notes | ||||||||||||||||
| Date Retired | Holmes 1 | Holmes 2 | Holmes 3 | Holmes 4 | Holmes 5 | Holmes 6 | Holmes 7 | Holmes 8 | ||||||||
| 02Q3 | - | 703 | - | - | 352 | - | - | - | ||||||||
| 02Q4 | - | - | - | - | 352 | - | - | - | ||||||||
| 03Q1 | - | - | 750 | - | - | - | - | - | ||||||||
| 03Q2 | - | - | - | - | - | - | - | - | ||||||||
| 03Q3 | 600 | - | - | - | - | 481 | - | - | ||||||||
| 03Q4 | - | 176 | - | 191 | - | 481 | - | - | ||||||||
| 04Q1 | - | 176 | - | 191 | - | - | 241 | - | ||||||||
| 04Q2 | - | 176 | - | 191 | - | - | 241 | - | ||||||||
| Outstanding Class A Notes | ||||||||||||||||
| Expected Redemption | Holmes 1 | Holmes 2 | Holmes 3 | Holmes4 | Holmes 5 | Holmes 6 | Holmes 7 | Holmes 8 | ||||||||
| 04Q2 | - | - | - | - | - | - | - | - | ||||||||
| 04Q3 | - | 176 | - | 191 | - | - | - | - | ||||||||
| 04Q4 | - | - | - | - | 698 | - | - | - | ||||||||
| 05Q1 | - | - | 750 | - | - | - | - | - | ||||||||
| 05Q2 | - | - | - | - | - | 801 | - | 1,001 | ||||||||
| 05Q3 | 650 | - | - | - | - | - | - | - | ||||||||
| 05Q4 | - | 125 | - | - | - | - | - | - | ||||||||
| 06Q1 | - | 125 | - | - | - | - | 803 | - | ||||||||
| 06Q2 | - | 125 | - | - | - | - | - | - | ||||||||
| 06Q3 | - | 125 | 500 | 1,340 | - | - | - | - | ||||||||
| 06Q4 | - | - | - | 350 | 875 | - | - | - | ||||||||
| 07Q1 | - | - | - | - | - | - | 161 | 812 | ||||||||
| 07Q2 | - | - | - | - | - | 634 | 161 | - | ||||||||
| 07Q3 | 575 | - | - | - | - | - | - | - | ||||||||
| 07Q4 | - | 300 | - | - | - | 770 | - | - | ||||||||
| 08Q1 | - | - | - | - | - | - | - | - | ||||||||
| 08Q2 | - | - | - | - | - | 500 | 592 | 221 | ||||||||
| 08Q3 | - | - | - | - | - | - | - | 221 | ||||||||
| 08Q4 | - | - | - | - | - | - | - | 221 | ||||||||
| 09Q1 | - | - | - | - | - | - | - | 1,171 | ||||||||
| 09Q2 | - | - | - | - | - | - | - | - | ||||||||
| 09Q3 | - | - | - | - | - | - | - | - | ||||||||
| 09Q4 | - | - | - | - | - | - | - | - | ||||||||
| 10Q1 | - | - | - | - | - | - | - | - | ||||||||
| 10Q2 | - | - | - | - | - | - | - | - | ||||||||
| 10Q3 | 250 | - | - | - | - | - | - | - | ||||||||
| 10Q4 | - | - | - | - | - | - | - | - | ||||||||
| Page 7 of 8 |
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 March April to 10 May 2004
All values are in thousands of pounds sterling unless otherwise stated
| Page 8 of 8 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| HOLMES FINANCING (No 1) PLC | |||
| Dated: 26 May 2004 | By /s/ Karen Carson (Authorised Signatory) | ||