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 November 2002
HOLMES FINANCING (No 3) PLC
HOLMES FUNDING LIMITED
HOLMES TRUSTEES LIMITED
(Translation of registrant's name into English)
Abbey National House, 2 Triton Square, Regent's
Place, 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
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Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in thousands of pounds sterling unless otherwise stated
Mortgage Asset Analysis
Analysis of Mortgage Trust Movements
------------------------------------------------
Current Period
------------------------------------------------
Number (pound)000's
------------------------------------------------
Brought Forward 286,278 17,794,395
Replenishment 100,534 7,721,958
Repurchased 5,443 (712,223)
Redemptions (24,384) (530,727)
Losses 0 (18)
Other Movements 0 0
------------------------------------------------
Carried Forward 367,871 24,273,385
================================================
------------------------------------------------
Cumulative
------------------------------------------------
Number (pound)000's
------------------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 451,495 31,648,437
Repurchased (70,885) (6,267,938)
Redemptions (127,795) (7,505,923)
Losses (135) (405)
Other Movements 0 0
------------------------------------------------
Carried Forward 367,871 24,273,385
================================================
Period CPR Annualised CPR
------------------------------------------------
1 Month 5.12% 80.04% **(including
------------------------------------------------
3 Month 13.06% 63.13% redemptions and
------------------------------------------------
12 Month 40.25% 40.25% repurchases)
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** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Asset Profiles
-------------------------
Weighted Average Seasoning 34.28 months
-------------------------
Weighted Average Loan size (pound)65,983.42
-------------------------
Weighted Average LTV 75.25%*** (see below)
-------------------------
Weighted Average Remaining Term 19.36 Years
-------------------------
------------------------------------------------
Product Type Analysis (pound)000's %
------------------------------------------------
Variable Rate 12,784,792 52.67%
Fixed Rate 6,347,490 26.15%
Tracker Rate 5,141,103 21.18%
-------------------------
24,273,385 100.00%
================================================
As at 8th November 2002 approximately 5% of the loans were flexible loans
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in thousands of pounds sterling unless otherwise stated
Mortgage Standard Variable Rate
Effective Date Rate
-------------- ----
01 November 2002 5.94%
01 December 2001 6.10%
Geographic Analysis
- ---------------------------------------------------------------------------
Region Number (pound)000's %
- ---------------------------------------------------------------------------
East Anglia 14,571 558,379 2.30%
East Midlands 20,243 1,114,688 4.59%
Greater London 66,951 5,639,573 23.23%
North 16,820 802,917 3.31%
North West 45,260 2,314,181 9.53%
South East 102,068 7,933,601 32.68%
South West 29,777 1,899,178 7.82%
Wales 19,376 938,292 3.87%
West Midlands 25,811 1,436,166 5.92%
Yorkshire and Humberside 25,199 1,217,549 5.02%
Unknown 1,795 418,861 1.73%
- ---------------------------------------------------------------------------
Total 367,871 24,273,385 100.00%
- -------------------------==================================================
Original LTV Bands
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Range Number (pound)000's %
--------------------------------------------------
0.00 - 25.00 6,100 255,203 1.05%
25.01 - 50.00 38,320 2,076,400 8.55%
50.01 - 75.00 93,372 6,594,740 27.17%
75.01 - 80.00 19,629 1,422,785 5.86%
80.01 - 85.00 25,274 1,889,282 7.78%
85.01 - 90.00 55,162 4,236,237 17.45%
90.01 - 95.00 130,014 7,798,738 32.13%
--------------------------------------------------
Total 367,871 24,273,385 100.00%
==================================================
*** 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.
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in thousands of pounds sterling unless otherwise stated
Arrears
---------------------------------------------------
Band Number Principal Overdue %
---------------------------------------------------
Current 359,770 23,799,060 (2,752) 98.06%
1.00 - 1.99 months 5,323 318,638 2,414 1.31%
2.00 - 2.99 months 1,253 71,662 1,048 0.30%
3.00 - 3.99 months 607 33,027 694 0.14%
4.00 - 4.99 months 299 15,628 431 0.06%
5.00 - 5.99 months 230 12,728 422 0.05%
6.00 -11.99 months 322 16,836 805 0.07%
12 months and over 24 948 111 0.00%
Properties in Possession 43 1,558 127 0.01%
---------------------------------------------------
Total 367,871 24,270,085 3,300 100.00%
===================================================
Definition of Arrears
This arrears multiplier is calculated as the arrears amount ( which is the
difference between the expected monthly repayments and the amount that has
actually been paid, i.e. a total of under and/or over payments ) divided by the
monthly amount repayable. It is recalculated every time the arrears amount
changes, i.e. on the date when a payment is due.
Shares of Trust last Distribution Date (08 November 2002)
-----------------------------------------
(pound)000's %
-----------------------------------------
Funding Share 13,753,988 56.66283%
Seller Share 10,519,397 43.33717%
-----------------------------------------
24,273,385 100.00000%
=========================================
-----------------------------------------
Minimum Seller Share 971,735 4.00%
-----------------------------------------
Cash Accumulation Ledger
-----------
(pound)000's
-----------
Brought Forward 412,701
Additional Amounts Accumulated 751,048
Payment of Notes (412,458)
-----------
Carried Forward 751,291
===========
Liquidity Facilities Amounts Drawn
Holmes Funding (pound)0
-----------
Holmes Financing 1 (pound)0
-----------
Holmes Financing 2 (pound)0
-----------
Holmes Financing 3 (pound)0
-----------
Holmes Financing 4 (pound)0
-----------
Holmes Financing 5 (pound)0
-----------
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in thousands of pounds sterling unless otherwise stated
Excess Spread
--------------------------
Quarter to 15/10/2002 0.5892%
--------------------------
Quarter to 15/7/2002 0.5891%
--------------------------
Quarter to 15/4/2002 0.5414%
--------------------------
Quarter to 15/1/2002 0.5487%
--------------------------
---------------------------------------------------------
Reserve Funds First Reserve Second Reserve
- -------------
---------------------------------------------------------
Balance as at 15/10/2002 (pound)185,000,000.00 (pound)56,890,739.99
---------------------------------------------------------
Required Amount as at 15/10/2002 (pound)185,000,000.00 (pound)73,825,687.00
---------------------------------------------------------
Percentage of Notes 1.34% 0.41%
---------------------------------------------------------
Properties in Possession
Stock
---------------------------------------------------------
Current Period
---------------------------------------------------------
Number (pound)000's
---------------------------------------------------------
Brought Forward 44 1,497
---------------------------------------------------------
Repossessed in Period 18 950
---------------------------------------------------------
Sold in Period (19) (762)
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Carried Forward 43 1,685
=========================================================
---------------------------------------------------------
Cumulative
---------------------------------------------------------
Number (pound)000's
---------------------------------------------------------
Repossessed to date 214 9,990
Sold to date (171) (8,305)
---------------------------------------------------------
Carried Forward 43 1,685
=========================================================
Repossession Sales Information
--------------------------
Average time Possession to Sale 80Days
--------------------------
Average arrears at time of Sale (pound)3,077
--------------------------
MIG Claim Status
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Number (pound)000's
---------------------------------------------------------
MIG Claims made 110 815
---------------------------------------------------------
MIG Claims outstanding 9 64
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--------------------------
Average time claim to payment 32
--------------------------
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in thousands of pounds sterling unless otherwise stated
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 balance is in excess of (pound)21 billion
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in millions of pounds sterling unless otherwise stated
[GRAPHIC OMITTED]
Holmes Financing No 3 plc
For Period 09 October 2002 to 08 November 2002
All values are in millions of pounds sterling unless otherwise stated
Retired Class A Notes
- ----------------------------------------------------------------------------------------------------------
Date Retired Holmes 1 Holmes 2 Holmes 3 Holmes 4 Holmes 5 Holmes 6
- ----------------------------------------------------------------------------------------------------------
02Q3 - 703 - - 352 -
02Q4 - - - - 352 -
- ----------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- ----------------------------------------------------------------------------------------------------------
Expected Redemption Holmes 1 Holmes 2 Holmes 3 Holmes 4 Holmes 5 Holmes 6
- ----------------------------------------------------------------------------------------------------------
02Q4 - - - - - -
03Q1 - - 750 - - -
03Q2 - - - - - -
03Q3 600 - - 191 - 481
03Q4 - 176 - 191 - 481
04Q1 - 176 - 191 - -
04Q2 - 176 - 191 - -
04Q3 - 176 - - - -
04Q4 - - - - 698 -
05Q1 - - 750 - - -
05Q2 - - - - - 801
05Q3 650 - - - - -
05Q4 - 125 - - - -
06Q1 - 125 - - - -
06Q2 - 125 - - - -
06Q3 - 125 500 1,340 - -
06Q4 - - - 350 875 -
07Q1 - - - - - -
07Q2 - - - - - 634
07Q3 575 - - - - -
07Q4 - 300 - - - 770
08Q1 - - - - - -
08Q2 - - - - - 500
08Q3 - - - - - -
08Q4 - - - - - -
09Q1 - - - - - -
09Q2 - - - - - -
09Q3 - - - - - -
09Q4 - - - - - -
10Q1 - - - - - -
10Q2 - - - - - -
10Q3 250 - - - - -
10Q4 - - - - - -
- ------------------------------------------------------------------------------------------------
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 3) PLC
Dated: 22 November 2002 By /s/ Peter Lott
----------------------
(Authorised Signatory)