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 April 2003
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'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 1 plc
For Period 11 March 2003 to 08 April 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 362,034 23,889,103
Replenishment 13,858 1,040,724
Repurchased (6,786) (456,923)
Redemptions (8,479) (592,005)
Losses (11) (6)
Capitalised Interest 0 816
Other Movements 0 (1)
--------------------------------------
Carried Forward 360,616 23,881,708
======================================
--------------------------------------
Cumulative
--------------------------------------
Number (pound)000's
--------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 518,275 36,684,047
Repurchased (125,719) (8,751,631)
Redemptions (146,910) (10,454,147)
Losses (221) (592)
Capitalised Interest 0 4,818
Other Movements 0 (1)
--------------------------------------
Carried Forward 360,616 23,881,708
======================================
Period CPR Annualised CPR
--------------------------------------
1 Month 4.39% 65.88% **(including
-------------------------------------- redemptions and
3 Month 13.80% 68.92% repurchases)
--------------------------------------
12 Month 53.21% 53.21%
--------------------------------------
** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Asset Profiles
-------------------
Weighted Average Seasoning 33.45 months
-------------------
Weighted Average Loan size (pound)66,224.76
-------------------
Weighted Average LTV 77.13% *** (see below)
-------------------
Weighted Average Remaining Term 19.11 Years
-------------------
--------------------------------------
Product Type Analysis (pound)000's %
--------------------------------------
Variable Rate 11,069,172 46.35%
Fixed Rate 7,088,091 29.68%
Tracker Rate 5,724,445 23.97%
--------------------------------------
23,881,708 100.00%
===================-------------------
As at 8th April 2003 approximately 6% of the loans were flexible loans
Holmes Financing No 1 plc
For Period 11 March 2003 to 08 April 2003
All values are in thousands of pounds sterling unless otherwise stated
Mortgage Standard Variable Rate
Effective Date Rate
-------------- -----
01 March 2003 5.79%
01 November 2002 5.94%
01 December 2001 6.10%
Geographic Analysis
- --------------------------------------------------------------------------------
Region Number (pound)000's %
- --------------------------------------------------------------------------------
East Anglia 14,052 836,586 3.50%
East Midlands 19,264 1,069,862 4.48%
Greater London 62,624 5,329,012 22.31%
North 15,829 755,262 3.16%
North West 42,306 2,171,800 9.09%
Scotland 8,620 465,989 1.95%
South East 96,578 7,594,367 31.80%
South West 28,510 1,836,218 7.69%
Wales 18,560 898,544 3.76%
West Midlands 24,618 1,382,068 5.79%
Yorkshire and Humberside 23,481 1,147,396 4.80%
Unknown 6,174 394,604 1.65%
- --------------------------------------------------------------------------------
Total 360,616 23,881,708 100.00%
- ------------------------------==================================================
Original LTV Bands
--------------------------------------------------
Range Number (pound)000's %
--------------------------------------------------
0.00 - 25.00 6,875 281,281 1.18%
25.01 - 50.00 41,899 2,279,652 9.55%
50.01 - 75.00 98,564 7,019,805 29.39%
75.01 - 80.00 19,129 1,390,954 5.82%
80.01 - 85.00 24,677 1,855,251 7.77%
85.01 - 90.00 53,374 4,101,924 17.18%
90.01 - 95.00 116,098 6,952,841 29.11%
--------------------------------------------------
Total 360,616 23,881,708 100.00%
==================================================
*** The balance is the current outstanding balance on the account including
accrued interest. The LTV is that at origination and excludes any
apitalized high loan to value fees, valuation fees or booking fees.
Holmes Financing No 1 plc
For Period 11 March 2003 to 08 April 2003
All values are in thousands of pounds sterling unless otherwise stated
Arrears
- -------
--------------------------------------------------------------
Band Number Principal Overdue %
--------------------------------------------------------------
Current 351,210 23,319,948 (2,486) 97.67%
1.00 - 1.99 months 5,766 345,668 2,684 1.45%
2.00 - 2.99 months 1,607 95,673 1,387 0.40%
3.00 - 3.99 months 773 45,817 937 0.19%
4.00 - 4.99 months 444 26,004 706 0.11%
5.00 - 5.99 months 264 14,417 482 0.06%
6.00 -11.99 months 471 25,885 1,269 0.11%
12 months and over 37 1,661 172 0.01%
Properties in Possession 44 1,356 128 0.01%
--------------------------------------------------------------
Total 360,616 23,876,429 5,279 100.00%
==============================================================
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.
Movement in Shares of Trust
Funding Seller
--------------------------------------
(pound)000's (pound)000's
--------------------------------------
Balance Brought Forward 13,633,675 10,255,428
Replenishment of Assets 0 1,040,724
Acquisition by Funding 2,403,550 (2,403,550)
Distribution of Principal Receipts (599,896) (449,033)
Allocation of Losses (4) (2)
Share of Capitalised Interest 539 277
Payment Re Capitalised Interest (539) 539
--------------------------------------
Balance Carried Forward 15,437,325 8,444,383
======================================
--------------------------------------
Carried Forward Percentage 64.64079% 35.35921%
======================================
--------------------------------------
Minimum Seller Share 955,057 4.00%
--------------------------------------
Cash Accumulation Ledger
-------------------
(pound)000's
-------------------
Brought Forward 60,604
-------------------
Additional Amounts Accumulated 599,900
Payment of Notes 0
-------------------
Carried Forward 660,504
===================
-------------------
Target Balance 60,500 payable on 15th April
-------------------2003
Target Balance 600,000 payable on 15th July
-------------------2003
Holmes Financing No 1 plc
For Period 11 March 2003 to 08 April 2003
All values are in thousands of pounds sterling unless otherwise stated
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
--------------------------------------
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)224,153,726.50(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 1.45% 0.37%
--------------------------------------
Properties in Possession
Stock
--------------------------------------
Current Period
--------------------------------------
Number (pound)000's
--------------------------------------
Brought Forward 44 1,608
--------------------------------------
Repossessed in Period 13 385
--------------------------------------
Sold in Period (13) (509)
--------------------------------------
Carried Forward 44 1,484
======================================
--------------------------------------
Cumulative
--------------------------------------
Number (pound)000's
--------------------------------------
Repossessed to date 275 12,435
Sold to date (231) (10,951)
--------------------------------------
Carried Forward 44 1,484
======================================
Repossession Sales Information
-------------------
Average time Possession to Sale 79 Days
-------------------
Average arrears at time of Sale (pound)3,067
-------------------
MIG Claim Status
--------------------------------------
Number (pound)000's
--------------------------------------
MIG Claims made 143 1,070
--------------------------------------
MIG Claims outstanding 6 40
--------------------------------------
-------------------
Average time claim to payment 36
-------------------
Holmes Financing No 1 plc
For Period 11 March 2003 to 08 April 2003
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 1 plc
For Period 11 March 2003 to 08 April 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 Holmes 7
- --------------------------------------------------------------------------------------------------------------------
02Q3 - 703 - - 352 - -
02Q4 - - - - 352 - -
03Q1 - - 750 - - - -
- --------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- --------------------------------------------------------------------------------------------------------------------
Expected Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7
Redemption
- --------------------------------------------------------------------------------------------------------------------
03Q2 - - - - - - -
03Q3 600 - - - - 481 -
03Q4 - 176 - 191 - 481 -
04Q1 - 176 - 191 - - 241
04Q2 - 176 - 191 - - 241
04Q3 - 176 - 191 - - -
04Q4 - - - - 698 - -
05Q1 - - 750 - - - -
05Q2 - - - - - 801 -
05Q3 650 - - - - - -
05Q4 - 125 - - - - -
06Q1 - 125 - - - - 803
06Q2 - 125 - - - - -
06Q3 - 125 500 1,340 - - -
06Q4 - - - 350 875 - -
07Q1 - - - - - - 161
07Q2 - - - - - 634 161
07Q3 575 - - - - - -
07Q4 - 300 - - - 770 -
08Q1 - - - - - - -
08Q2 - - - - - 500 592
08Q3 - - - - - - -
08Q4 - - - - - - -
09Q1 - - - - - - -
09Q2 - - - - - - -
09Q3 - - - - - - -
09Q4 - - - - - - -
10Q1 - - - - - - -
10Q2 - - - - - - -
10Q3 250 - - - - - -
10Q4 - - - - - - -
- --------------------------------------------------------------------------------------------------------------------
Holmes Financing No 1 plc
For Period 11 March 2003 to 08 April 2003
[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 1) PLC
Dated: 15 April, 2003 By /s/ Peter Lott
(Authorised Signatory)