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 October 2003
HOLMES FINANCING (No 5) 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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 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 360,186 23,996,843
Replenishment 12,397 945,000
Repurchased (6,860) (502,818)
Redemptions (10,858) (758,273)
Losses (22) (15)
Capitalised Interest 0 2,675
Other Movements 0 0
---------------------------------
Carried Forward 354,843 23,683,412
=================================
---------------------------------
Cumulative
---------------------------------
Number (pound)000's
---------------------------------
Brought Forward 115,191 6,399,214
Replenishment 617,594 44,182,239
Repurchased (170,766) (11,981,130)
Redemptions (206,871) (14,929,755)
Losses (305) (668)
Capitalised Interest 0 13,512
Other Movements 0 0
----------------------------------
Carried Forward 354,843 23,683,412
=================================
Period CPR Annualised CPR
----------------------------------
1 Month 5.32% 84.20% **(including
----------------------------------
3 Month 16.14% 83.47% redemptions and
----------------------------------
12 Month 65.22% 65.22% 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 35.77 months
--------------------------------
Weighted Average Loan size (pound)66,743.35
--------------------------------
Weighted Average LTV 76.07%*** (see below)
--------------------------------
Weighted Average Remaining Term 18.72 Years
--------------------------------
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 2003
All values are in thousands of pounds sterling unless otherwise stated
Product Type Analysis (pound)000's %
--------------------------------------
Variable Rate 9,378,631 39.60%
Fixed Rate 4,322,223 18.25%
Tracker Rate 9,982,558 42.15%
--------------------------------------
23,683,412 100.00%
======================================
As at 8th October 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 13,875 850,172 3.59%
East Midlands 18,846 1,068,621 4.51%
Greater London 60,305 5,220,124 22.04%
North 14,823 720,989 3.04%
North West 40,630 2,109,700 8.91%
Scotland 21,119 1,125,099 4.75%
South East 92,476 7,368,392 31.11%
South West 27,476 1,798,392 7.59%
Wales 17,842 883,701 3.73%
West Midlands 24,285 1,380,097 5.83%
Yorkshire and Humberside 22,221 1,100,266 4.65%
Unknown 945 57,859 0.24%
- --------------------------------------------------------------------------------
Total 354,843 23,683,412 100.00%
================================================================================
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 2003
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
--------------------------------------------------
Range Number (pound)000's %
--------------------------------------------------
0.00 - 25.00 7,300 295,823 1.25%
25.01 - 50.00 43,910 2,415,720 10.20%
50.01 - 75.00 103,926 7,435,865 31.40%
75.01 - 80.00 19,293 1,417,619 5.99%
80.01 - 85.00 24,883 1,895,116 8.00%
85.01 - 90.00 52,484 4,053,128 17.11%
90.01 - 95.00 103,047 6,170,141 26.05%
--------------------------------------------------
Total 354,843 23,683,412 100.00%
==================================================
*** 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 343,619 22,995,499 (3,130) 97.12%
1.00 - 1.99 months 7,398 455,295 3,435 1.92%
2.00 - 2.99 months 1,698 102,270 1,455 0.43%
3.00 - 3.99 months 810 46,797 962 0.20%
4.00 - 4.99 months 443 28,106 733 0.12%
5.00 - 5.99 months 274 16,144 519 0.07%
6.00 -11.99 months 475 27,146 1,313 0.11%
12 months and over 51 3,126 275 0.01%
Properties in Possession 75 3,190 277 0.01%
----------------------------------------------------------------
Total 354,843 23,677,573 5,839 100.00%
================================================================
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 2003
Movement in Shares of Trust
Funding Seller
-----------------------------------------
(pound)000's (pound)000's
-----------------------------------------
Balance Brought Forward 14,060,023 9,936,820
Replenishment of Assets 0 945,000
Acquisition by Funding 0 0
Distribution of Principal Receipts 0 (1,261,091)
Allocation of Losses (9) (6)
Share of Capitalised Interest 1,568 1,107
Payment Re Capitalised Interest (1,568) 1,568
-----------------------------------------
Balance Carried Forward 14,060,014 9,623,398
=========================================
-----------------------------------------
Carried Forward Percentage 59.36651% 40.63349%
=========================================
-----------------------------------------
Minimum Seller Share 947,336 4.00%
-----------------------------------------
Cash Accumulation Ledger
---------------------
(pound)000's
---------------------
Brought Forward 896,660
---------------------
Additional Amounts Accumulated 9
Payment of Notes 0
---------------------
Carried Forward 896,669
=====================
---------------------
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 2003
-----------------------------------------
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 15/07/2003 (pound)350,000,000.00 (pound)160,929,823.00
-----------------------------------------
Percentage of Notes 1.63% 0.40%
-----------------------------------------
Properties in Possession
Stock
-----------------------------------------
Current Period
-----------------------------------------
Number (pound)000's
-----------------------------------------
Brought Forward 61 2,732
-----------------------------------------
Repossessed in Period 27 1,652
-----------------------------------------
Sold in Period (13) (917)
-----------------------------------------
Carried Forward 75 3,467
=========================================
-----------------------------------------
Cumulative
-----------------------------------------
Number (pound)000's
-----------------------------------------
Repossessed to date 392 20,000
Sold to date (317) (16,533)
-----------------------------------------
Carried Forward 75 3,467
=========================================
Repossession Sales Information
---------------------
Average time Possession to Sale 79 Days
---------------------
Average arrears at time of Sale (pound)3,183
---------------------
MIG Claim Status
-----------------------------------------
Number (pound)000's
-----------------------------------------
MIG Claims made 172 1,280
-----------------------------------------
MIG Claims outstanding 9 85
-----------------------------------------
---------------------
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 2003
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 -
03Q4 - 176 - 191 - 481 -
- ------------------------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- ------------------------------------------------------------------------------------------------------------------------------------
Expected Redemption Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7
- ------------------------------------------------------------------------------------------------------------------------------------
03Q4 - - - - - - -
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 September 2003 to 08 October 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 5) PLC
Dated: 22 October, 2003 By /s/ Natalie Weedon
(Authorised Signatory)