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 February 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
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 January 2003 to 10 February 2003
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 362,863 23,922,700
Replenishment 13,751 1,029,745
Repurchased (6,035) (417,374)
Redemptions (10,946) (830,987)
Losses (22) (22)
Other Movements 0 1
-------------------------------------
Carried Forward 359,611 23,704,063
=====================================
-------------------------------------
Cumulative
----------
Number (pound)000's
-------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 488,770 34,463,746
Repurchased (109,685) (7,708,432)
Redemptions (134,465) (9,449,954)
Losses (200) (512)
Other Movements 0 1
-------------------------------------
Carried Forward 359,611 23,704,063
=====================================
Period CPR Annualised CPR
-------------------------------------
1 Month 5.27% 83.00% **( including
------------------------------------- redemptions and
3 Month 14.28% 71.82% repurchases )
-------------------------------------
12 Month 47.80% 47.80%
-------------------------------------
** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Asset Profiles
Weighted Average Seasoning 33.21 months
-------------------
Weighted Average Loan size (pound)65,915.85
-------------------
Weighted Average LTV 77.68% *** (see below)
-------------------
Weighted Average Remaining Term 19.21 Years
-------------------
Product Type Analysis (pound)000's %
-------------------------------------
Variable Rate 11,705,066 49.38%
Fixed Rate 6,215,205 26.22%
Tracker Rate 5,783,791 24.40%
-------------------------------------
23,704,063 100.00%
===================------------------
As at 10th February 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 January 2003 to 10 February 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 12,658 834,476 3.52%
East Midlands 16,182 1,067,474 4.50%
Greater London 81,452 5,370,100 22.65%
North 11,615 765,190 3.23%
North West 33,408 2,202,462 9.29%
Scotland 3,380 223,944 0.94%
South East 115,399 7,607,004 32.09%
South West 27,798 1,832,856 7.73%
Wales 13,737 906,476 3.82%
West Midlands 21,001 1,383,170 5.84%
Yorkshire and Humberside 17,585 1,159,323 4.89%
Unknown 5,396 351,588 1.48%
- --------------------------------------------------------------------------------
Total 359,611 23,704,063 100.00%
- ------------------------------==================================================
Original LTV Bands
Range Number (pound)000's %
-----------------------------------------------------
0.00 - 25.00 6,585 269,327 1.14%
25.01 - 50.00 40,107 2,168,531 9.15%
50.01 - 75.00 95,138 6,722,850 28.36%
75.01 - 80.00 19,068 1,380,542 5.82%
80.01 - 85.00 24,622 1,842,368 7.77%
85.01 - 90.00 53,387 4,095,277 17.28%
90.01 - 95.00 120,704 7,225,168 30.48%
-----------------------------------------------------
Total 359,611 23,704,063 100.00%
=====================================================
*** 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 January 2003 to 10 February 2003
All values are in thousands of pounds sterling unless otherwise stated
Arrears
-----------------------------------------------------------------------
Band Number Principal Overdue %
-----------------------------------------------------------------------
Current 350,672 23,167,059 (2,040) 97.76%
1.00 - 1.99 months 5,474 334,288 2,609 1.41%
2.00 - 2.99 months 1,573 92,271 1,341 0.39%
3.00 - 3.99 months 781 44,842 938 0.19%
4.00 - 4.99 months 408 24,130 649 0.10%
5.00 - 5.99 months 234 12,643 427 0.05%
6.00 -11.99 months 399 20,743 1,013 0.09%
12 months and over 33 1,723 161 0.01%
Properties in Possession 37 1,169 97 0.00%
-----------------------------------------------------------------------
Total 359,611 23,698,868 5,195 100.00%
=======================================================================
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 (10 February 2003)
(pound)000's %
-------------------------------------
Funding Share 13,633,717 57.51637%
Seller Share 10,070,346 42.48363%
-------------------------------------
23,704,063 100.00000%
=====================================
-------------------------------------
Minimum Seller Share 947,954 4.00%
-------------------------------------
Cash Accumulation Ledger
-------------------
(pound)000's
-------------------
Brought Forward 811,000
-------------------
Additional Amounts Accumulated 60,562
Payment of Notes (811,000)
-------------------
Carried Forward 60,562
===================
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 January 2003 to 10 February 2003
All values are in thousands of pounds sterling unless otherwise stated
Excess Spread
-------------------
Quarter to 15/1/03 0.5960%
-------------------
Quarter to 15/10/2002 0.5892%
-------------------
Quarter to 15/7/2002 0.5891%
-------------------
Quarter to 15/4/2002 0.5414%
-------------------
Reserve Funds First Reserve Second Reserve
-------------------------------------------
Balance as at 15/01/2003 (pound)195,410,721.15 (pound)56,890,739.99
-------------------------------------------
Required Amount as at 15/01/2003 (pound)291,000,000.00 (pound)73,825,687.00
-------------------------------------------
Percentage of Notes 1.43% 0.42%
-------------------------------------------
Properties in Possession
Stock
Current Period
-------------------------------------
Number (pound)000's
-------------------------------------
Brought Forward 25 822
-------------------------------------
Repossessed in Period 22 857
-------------------------------------
Sold in Period (10) (413)
-------------------------------------
Carried Forward 37 1,266
=====================================
Cumulative
-------------------------------------
Number (pound)000's
-------------------------------------
Repossessed to date 248 11,398
Sold to date (211) (10,132)
-------------------------------------
Carried Forward 37 1,266
=====================================
Repossession Sales Information
-------------------
Average time Possession to Sale 79 Days
-------------------
Average arrears at time of Sale (pound)3,095
-------------------
MIG Claim Status
-------------------------------------
Number (pound)000's
-------------------------------------
MIG Claims made 135 1,017
-------------------------------------
MIG Claims outstanding 10 103
-------------------------------------
Average time claim to payment 35
------------------
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 January 2003 to 10 February 2003
All values are in thousands of pounds sterling unless otherwise stated
Retired Class A Notes
- --------------------------------------------------------------------------------------------------------
Date Retired Holmes 1 Holmes 2 Holmes 3 Holmes4 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 Holmes4 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 January 2003 to 10 February 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: 28 February 2003 By Ian Christie
(Authorised Signatory)