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 July 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 10 June 2003 to 08 July 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 362,445 24,018,578
Replenishment 14,044 1,047,539
Repurchased (5,713) (410,680)
Redemptions (11,173) (727,504)
Losses (14) (6)
Capitalised Interest 0 1,139
Other Movements 0 (1)
-----------------------------
Carried Forward 359,589 23,929,065
=============================
-----------------------------
Cumulative
-----------------------------
Number (pound)000's
-----------------------------
Brought Forward 115,191 6,399,214
Replenishment 570,582 40,610,717
Repurchased (148,405) (10,317,541)
Redemptions (177,528) (12,770,361)
Losses (251) (631)
Capitalised Interest 0 7,667
Other Movements 0 0
-----------------------------
Carried Forward 359,589 23,929,065
=============================
Period CPR Annualised CPR
-----------------------------
1 Month 4.76% 72.83% **(including
-----------------------------
3 Month 16.22% 83.99% redemptions and
-----------------------------
12 Month 59.01% 59.01% 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 34.48 months
-----------------
Weighted Average Loan size (pound)66,545.60
-----------------
Weighted Average LTV 76.64% *** (see below)
-----------------
Weighted Average Remaining Term 18.95 Years
-----------------
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 10 June 2003 to 08 July 2003
All values are in thousands of pounds sterling unless otherwise stated
------------------------------------
Product Type Analysis (pound)000's %
- --------------------- ------------------------------------
Variable Rate 10,076,529 42.11%
Fixed Rate 5,149,535 21.52%
Tracker Rate 8,703,001 36.37%
------------------------------------
23,929,065 100.00%
=================-------------------
As at 8th July 2003 approximately 6% of the loans were flexible loans
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 13,905 839,720 3.51%
East Midlands 18,889 1,061,748 4.44%
Greater London 61,182 5,253,439 21.95%
North 15,129 730,192 3.05%
North West 40,845 2,107,061 8.81%
Scotland 15,716 843,151 3.52%
South East 94,202 7,467,940 31.21%
South West 27,898 1,819,566 7.60%
Wales 18,291 897,404 3.75%
West Midlands 24,190 1,369,610 5.72%
Yorkshire and Humberside 22,604 1,115,345 4.66%
Unknown 6,738 423,889 1.77%
- --------------------------------------------------------------------------------
Total 359,589 23,929,065 100.00%
- -----------------------------===================================================
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 10 June 2003 to 08 July 2003
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
------------------------------------------------
Range Number (pound)000's %
------------------------------------------------
0.00 - 25.00 7,043 286,597 1.20%
25.01 - 50.00 43,245 2,356,048 9.85%
50.01 - 75.00 101,526 7,250,851 30.30%
75.01 - 80.00 19,292 1,415,483 5.92%
80.01 - 85.00 25,073 1,900,451 7.94%
85.01 - 90.00 53,334 4,119,398 17.22%
90.01 - 95.00 110,076 6,600,237 27.58%
------------------------------------------------
Total 359,589 23,929,065 100.00%
================================================
*** 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.
Arrears
------------------------------------------------
Band Number Principal Overdue %
------------------------------------------------
Current 349,528 23,319,729 (2,525) 97.48%
1.00 - 1.99 months 6,229 378,294 2,975 1.58%
2.00 - 2.99 months 1,711 103,274 1,513 0.43%
3.00 - 3.99 months 773 45,834 966 0.19%
4.00 - 4.99 months 447 25,603 705 0.11%
5.00 - 5.99 months 270 15,610 510 0.07%
6.00 -11.99 months 511 29,187 1,421 0.12%
12 months and over 58 2,874 291 0.01%
Properties in Possession 62 2,572 232 0.01%
------------------------------------------------
Total 359,589 23,922,977 6,088 100.00%
================================================
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.
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 10 June 2003 to 08 July 2003
All values are in thousands of pounds sterling unless otherwise stated
Movement in Shares of Trust
Funding Seller
------------------------------------
(pound)000's (pound)000's
------------------------------------
Balance Brought Forward 14,956,662 9,382,238
Replenishment of Assets 0 1,047,539
Acquisition by Funding 0 0
Distribution of Principal
Receipts 0 (1,138,185)
Allocation of Losses (4) (2)
Share of Capitalised Interest 710 429
Payment Re Capitalised Interest (710) 710
------------------------------------
Balance Carried Forward 14,956,658 9,292,729
====================================
------------------------------------
Carried Forward Percentage 61.67850% 38.32150%
====================================
------------------------------------
Minimum Seller Share 956,919 3.95%
------------------------------------
Cash Accumulation Ledger
------------------
(pound)000's
------------------
Brought Forward 1,080,667
------------------
Additional Amounts Accumulated 4
Payment of Notes 0
------------------
Carried Forward 1,080,671
==================
------------------
Target Balance 1,080,646 payable on 15th July 2003
------------------
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 15/4/03 0.6113%
------------------
Quarter to 15/1/03 0.5960%
------------------
Quarter to 15/10/2002 0.5892%
------------------
Quarter to 15/7/2002 0.5891%
------------------
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 10 June 2003 to 08 July 2003
All values are in thousands of pounds sterling unless otherwise stated
-----------------------------------------
Reserve Funds First Reserve Second Reserve
-----------------------------------------
Balance as at 15/04/2003 (pound)224,153,726.50 (pound)56,890,739.99
------------------------------------------
Required Amount as at 15/04/2003 (pound)350,000,000.00(pound)154,931,296.00
------------------------------------------
Percentage of Notes 1.49% 0.38%
------------------------------------------
Properties in Possession
Stock
-----------------------------------
Current Period
-----------------------------------
Number (pound)000's
-----------------------------------
Brought Forward 58 2,567
-----------------------------------
Repossessed in Period 14 1,030
-----------------------------------
Sold in Period (10) (562)
-----------------------------------
Carried Forward 62 3,035
===================================
-----------------------------------
Cumulative
-----------------------------------
Number (pound)000's
-----------------------------------
Repossessed to date 326 15,738
Sold to date (264) (12,703)
-----------------------------------
Carried Forward 62 3,035
===================================
Repossession Sales Information
------------------
Average time Possession to Sale 79 Days
------------------
Average arrears at time of Sale (pound)3,060
------------------
MIG Claim Status
-----------------------------------
Number (pound)000's
-----------------------------------
MIG Claims made 155 1,149
-----------------------------------
MIG Claims outstanding 4 26
-----------------------------------
------------------
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 10 June 2003 to 08 July 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 Redemption Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7
- ------------------------------------------------------------------------------------------------------------------------------------
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 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 10 June 2003 to 08 July 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: 16 July, 2003 By /s/ Natalie Weedon
(Authorised Signatory)