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 January 2003
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 . . .
Holmes Financing No 3 plc
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Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
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For Period 09 December 2002 to 08 January 2003
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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 363,289 23,852,522
Replenishment 11,932 876,212
Repurchased (3,757) (373,240)
Redemptions (8,584) (432,723)
Losses (17) (71)
Other Movements 0 0
------------------------------------
Carried Forward 362,863 23,922,700
====================================
------------------------------------
Cumulative
------------------------------------
Number (pound)000's
------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 475,019 33,434,001
Repurchased (103,650) (7,291,058)
Redemptions (123,519) (8,618,967)
Losses (178) (490)
Other Movements 0 0
------------------------------------
Carried Forward 362,863 23,922,700
====================================
Period CPR Annualised CPR
------------------------------------
1 Month 3.37% 47.72% **(including
------------------------------------
3 Month 13.39% 70.89% redemptions and
------------------------------------
12 Month 44.66% 44.66% repurchases)
------------------------------------
** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Asset Profiles
- --------------
--------------------
Weighted Average Seasoning 32.99 months
--------------------
Weighted Average Loan size (pound)65,927.64
--------------------
Weighted Average LTV 77.96% *** (see below)
--------------------
Weighted Average Remaining Term 19.28 Years
--------------------
Product Type Analysis
- --------------------- (pound)000's %
----------------------------------------
Variable Rate 11,894,366 49.72%
Fixed Rate 6,286,886 26.28%
Tracker Rate 5,741,448 24.00%
----------------------------------------
23,922,700 100.00%
====================--------------------
As at 8th January 2002 approximately 5% of the loans were flexible loans
Holmes Financing No 3 plc
-------------------------
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
---------------------------------------------------------------------
For Period 09 December 2002 to 08 January 2003
----------------------------------------------
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 14,284 842,526 3.52%
East Midlands 19,615 1,079,627 4.51%
Greater London 64,537 5,439,131 22.74%
North 16,264 777,788 3.25%
North West 43,674 2,231,180 9.33%
Scotland 1,371 106,689 0.45%
South East 99,098 7,713,474 32.24%
South West 29,089 1,858,407 7.77%
Wales 18,964 917,364 3.83%
West Midlands 25,036 1,394,871 5.83%
Yorkshire and Humberside 24,321 1,179,437 4.93%
Unknown 6,610 382,206 1.60%
- ----------------------------------------------------------------------------------------------------
Total 362,863 23,922,700 100.00%
- ---------------------------------------=============================================================
Original LTV Bands
-------------------------------------------------------------
Range Number (pound)000's %
-------------------------------------------------------------
0.00 - 25.00 6,445 263,593 1.10%
25.01 - 50.00 39,587 2,134,574 8.92%
50.01 - 75.00 94,443 6,666,128 27.87%
75.01 - 80.00 19,256 1,393,204 5.82%
80.01 - 85.00 24,860 1,862,897 7.79%
85.01 - 90.00 54,113 4,156,261 17.37%
90.01 - 95.00 124,159 7,446,043 31.13%
-------------------------------------------------------------
Total 362,863 23,922,700 100.00%
=============================================================
*** 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
-------------------------
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
---------------------------------------------------------------------
For Period 09 December 2002 to 08 January 2003
----------------------------------------------
All values are in thousands of pounds sterling unless otherwise stated
Arrears
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Band Number Principal Overdue %
---------------------------------------------------------------------------------
Current 353,225 23,361,245 (1,830) 97.68%
1.00 - 1.99 months 6,126 357,563 2,843 1.50%
2.00 - 2.99 months 1,637 95,509 1,397 0.40%
3.00 - 3.99 months 766 43,461 908 0.18%
4.00 - 4.99 months 407 23,115 627 0.10%
5.00 - 5.99 months 233 12,438 418 0.05%
6.00 -11.99 months 410 21,351 1,041 0.09%
12 months and over 34 1,576 148 0.01%
Properties in Possession 25 822 68 0.00%
---------------------------------------------------------------------------------
Total 362,863 23,917,080 5,620 100.00%
=================================================================================
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 January 2003)
- --------------------------------------------------------
----------------------------------------
(pound)000's %
----------------------------------------
Funding Share 13,694,230 57.24366%
Seller Share 10,228,470 42.75634%
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23,922,700 100.00000%
========================================
----------------------------------------
Minimum Seller Share 956,683 4.00%
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Cash Accumulation Ledger
- ------------------------
--------------------
(pound)000's
--------------------
Brought Forward 811,000
--------------------
Additional Amounts Accumulated 0
Payment of Notes 0
--------------------
Carried Forward 811,000
====================
Liquidity Facilities
- -------------------- Drawn(pound)000's Undrawn(pound)000's
----------------------------------------
Holmes Funding (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 1 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 2 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 3 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 4 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 5 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing 6 (pound)0 (pound)25,000
----------------------------------------
Holmes Financing No 3 plc
-------------------------
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
---------------------------------------------------------------------
For Period 09 December 2002 to 08 January 2003
----------------------------------------------
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 1.35% 0.41%
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Properties in Possession
- ------------------------
Stock
----------------------------------------
Current Period
----------------------------------------
Number (pound)000's
----------------------------------------
Brought Forward 34 1,284
----------------------------------------
Repossessed in Period 3 158
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Sold in Period (12) (620)
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Carried Forward 25 822
========================================
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Cumulative
----------------------------------------
Number (pound)000's
----------------------------------------
Repossessed to date 226 10,541
----------------------------------------
Sold to date (201) (9,719)
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Carried Forward 25 822
========================================
Repossession Sales Information
- ------------------------------
--------------------
Average time Possession to Sale 79 Days
--------------------
Average arrears at time of Sale (pound)3,135
--------------------
MIG Claim Status
- ----------------
----------------------------------------
Number (pound)000's
----------------------------------------
MIG Claims made 127 928
----------------------------------------
MIG Claims outstanding 11 79
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--------------------
Average time claim to payment 34
--------------------
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
-------------------------
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
---------------------------------------------------------------------
For Period 09 December 2002 to 08 January 2003
----------------------------------------------
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
- --------------------------------------------------------------------------------------------------------------------------
02Q3 0
- 703 - - 352
02Q4 0
- - - - 352
03Q1 0
- - 750 - -
- --------------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- -------------------------
- --------------------------------------------------------------------------------------------------------------------------
Expected Holmes 1 Holmes 2 Holmes 3 Holmes 4 Holmes 5 Holmes 6
Redemption
- --------------------------------------------------------------------------------------------------------------------------
03Q2
- - - - - -
03Q3
600 - - - - 481
03Q4
- 176 - 191 - 481
04Q1
- 176 - 191 - -
04Q2
- 176 - 191 - -
04Q3
- 176 - 191 - -
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
- - - - - -
- --------------------------------------------------------------------------------------------------------------------------
Holmes Financing No 3 plc
-------------------------
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
---------------------------------------------------------------------
For Period 09 December 2002 to 08 January 2003
----------------------------------------------
All values are in thousands of pounds sterling unless otherwise stated
[GRAPHIC OMITTED]
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: 30 January 2003 By /s/ Peter Lott
---------------------
(Authorised Signatory)