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 August 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
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 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 359,589 23,929,065
Replenishment 16,661 1,251,473
Repurchased (6,830) (503,960)
Redemptions (8,803) (765,395)
Losses (14) (13)
Capitalised Interest 0 1,688
Other Movements 0 (1)
---------------------------------
Carried Forward 360,603 23,912,857
=================================
---------------------------------
Cumulative
---------------------------------
Number (pound)000's
---------------------------------
Brought Forward 115,191 6,399,214
Replenishment 587,243 41,862,190
Repurchased (155,235) (10,821,501)
Redemptions (186,331) (13,535,756)
Losses (265) (644)
Capitalised Interest 0 9,355
Other Movements 0 (1)
---------------------------------
Carried Forward 360,603 23,912,857
=================================
Period CPR Annualised CPR
---------------------------------
1 Month 5.31% 83.86% **(including
---------------------------------
3 Month 16.41% 85.18% redemptions and
---------------------------------
12 Month 61.74% 61.74% 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 34.76 months
-----------------
Weighted Average Loan size (pound)66,313.53
-----------------
Weighted Average LTV 76.42%*** (see below)
-----------------
Weighted Average Remaining Term 18.87 Years
-----------------
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 2003
All values are in thousands of pounds sterling unless otherwise stated
--------------------------------------
Product Type Analysis (pound)000's %
- --------------------- --------------------------------------
Variable Rate 9,844,923 41.17%
Fixed Rate 4,670,181 19.53%
Tracker Rate 9,397,753 39.30%
--------------------------------------
23,912,857 100.00%
===================-------------------
As at 8th August 2003 approximately 7% of the loans were flexible loans
Mortgage Standard Variable Rate
- -------------------------------
Effective Date Rate
-------------- ----
01 August 2003 5.54%
01 March 2003 5.79%
01 November 2002 5.94%
Geographic Analysis
- --------------------------------------------------------------------------------
Region Number (pound)000's %
- --------------------------------------------------------------------------------
East Anglia 14,072 850,739 3.56%
East Midlands 19,147 1,075,575 4.50%
Greater London 62,051 5,317,158 22.24%
North 15,193 732,073 3.06%
North West 41,693 2,143,421 8.96%
Scotland 18,048 962,478 4.02%
South East 95,206 7,517,072 31.44%
South West 28,181 1,828,430 7.65%
Wales 18,334 899,809 3.76%
West Midlands 24,747 1,396,042 5.84%
Yorkshire and Humberside 22,899 1,126,275 4.71%
Unknown 1,032 63,785 0.27%
- --------------------------------------------------------------------------------
Total 360,603 23,912,857 100.00%
- ------------------------------==================================================
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 2003
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
----------------------------------------------------
Range Number (pound)000's %
----------------------------------------------------
0.00 - 25.00 7,187 291,467 1.22%
25.01 - 50.00 44,089 2,398,464 10.03%
50.01 - 75.00 102,983 7,326,293 30.64%
75.01 - 80.00 19,467 1,425,618 5.96%
80.01 - 85.00 25,175 1,902,497 7.96%
85.01 - 90.00 53,420 4,109,540 17.19%
90.01 - 95.00 108,282 6,458,978 27.01%
----------------------------------------------------
Total 360,603 23,912,857 100.00%
====================================================
*** 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 350,310 23,296,333 (3,179) 97.44%
1.00 - 1.99 months 6,333 376,381 2,912 1.57%
2.00 - 2.99 months 1,785 108,893 1,531 0.46%
3.00 - 3.99 months 800 47,953 991 0.20%
4.00 - 4.99 months 470 27,128 745 0.11%
5.00 - 5.99 months 279 15,810 506 0.07%
6.00 -11.99 months 506 29,138 1,406 0.12%
12 months and over 54 2,577 278 0.01%
Properties in Possession 66 3,217 237 0.01%
----------------------------------------------------------------------
Total 360,603 23,907,430 5,427 100.00%
======================================================================
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 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 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 14,956,658 8,972,407
Replenishment of Assets 0 1,251,473
Acquisition by Funding 0 0
Distribution of Principal
Receipts (896,621) (372,735)
Allocation of Losses (9) (4)
Share of Capitalised Interest 1,055 633
Payment Re Capitalised Interest (1,055) 1,055
------------------------------------
Balance Carried Forward 14,060,028 9,852,829
====================================
------------------------------------
Carried Forward Percentage 58.79694% 41.20306%
====================================
------------------------------------
Minimum Seller Share 956,514 4.00%
------------------------------------
Cash Accumulation Ledger
- ------------------------
------------------
(pound)000's
------------------
Brought Forward 1,080,671
------------------
Additional Amounts Accumulated 896,630
Payment of Notes (1,080,646)
------------------
Carried Forward 896,655
==================
------------------
Target Balance 896,646 payable on 15th October 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 15/07/03 0.4620%
------------------
Quarter to 15/04/03 0.6113%
------------------
Quarter to 15/01/03 0.5960%
------------------
Quarter to 15/10/02 0.5892%
------------------
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 2003
All values are in thousands of pounds sterling unless otherwise stated
-------------------------------------------
Reserve Funds First Reserve Second Reserve
- ------------- -------------------------------------------
Balance as at 15/07/2003 (pound)229,932,855.00 (pound) 56,890,739.99
-------------------------------------------
Required Amount as at (pound)350,000,000.00 (pound)160,929,823.00
15/07/2003 -------------------------------------------
Percentage of Notes 1.63% 0.40%
-------------------------------------------
Properties in Possession
Stock
---------------------------------------
Current Period
---------------------------------------
Number (pound)000's
---------------------------------------
Brought Forward 62 3,035
---------------------------------------
Repossessed in Period 25 1,675
---------------------------------------
Sold in Period (21) (1,493)
---------------------------------------
Carried Forward 66 3,217
=======================================
---------------------------------------
Cumulative
---------------------------------------
Number (pound)000's
---------------------------------------
Repossessed to date 351 17,413
Sold to date (285) (14,196)
---------------------------------------
Carried Forward 66 3,217
=======================================
Repossession Sales Information
------------------
Average time Possession to Sale 79 Days
------------------
Average arrears at time of Sale (pound)3,107
------------------
MIG Claim Status
---------------------------------------
Number (pound)000's
---------------------------------------
MIG Claims made 158 1,163
---------------------------------------
MIG Claims outstanding 0 0
---------------------------------------
------------------
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 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 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 Holmes 7
- -----------------------------------------------------------------------------------------------------------------------------------
02Q3 - 703 - - 352 - -
02Q4 - - - - 352 - -
03Q1 - - 750 - - - -
03Q2 - - - - - - -
03Q3 600 - - - - 481 -
- -----------------------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- -------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Expected Redemption Holmes 1 Holmes 2 Holmes 3 Holmes 4 Holmes 5 Holmes 6 Holmes 7
- -----------------------------------------------------------------------------------------------------------------------------------
03Q3 - - - - - - -
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
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 July 2003 to 08 August 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 1) PLC
Dated: 21 August, 2003 By /s/ Natalie Weedon
(Authorised Signatory)