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 November 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 October 2003 to 10 November 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 354,843 23,683,412
Replenishment 17,522 1,328,115
Repurchased (6,092) (466,460)
Redemptions (8,826) (708,857)
Losses (26) (80)
Capitalised Interest 0 2,307
Other Movements 0 0
-----------------------------------
Carried Forward 357,421 23,838,437
===================================
-----------------------------------
Cumulative
-----------------------------------
Number (pound)000's
-----------------------------------
Brought Forward 115,191 6,399,214
Replenishment 635,116 45,510,354
Repurchased (176,858) (12,447,590)
Redemptions (215,697) (15,638,612)
Losses (331) (748)
Capitalised Interest 0 15,819
Other Movements 0 0
-----------------------------------
Carried Forward 357,421 23,838,437
===================================
Period CPR Annualised CPR
-----------------------------------
1 Month 4.93% 76.24% **(including
-----------------------------------
3 Month 15.64% 80.29% redemptions and
-----------------------------------
12 Month 65.25% 65.25% 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 36.10 months
--------------------
Weighted Average Loan size (pound)66,695.68
--------------------
Weighted Average LTV 75.84%*** (see below)
--------------------
Weighted Average Remaining Term 18.66 Years
--------------------
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 10 November 2003
All values are in thousands of pounds sterling unless otherwise stated
---------------------------------------------
Product Type Analysis (pound)000's %
---------------------------------------------
Variable Rate 9,265,192 38.87%
Fixed Rate 4,216,043 17.69%
Tracker Rate 10,357,202 43.45%
---------------------------------------------
23,838,437 100.00%
=============================================
As at 10th November 2003 approximately 7% of the loans were flexible loans
---------------------------------------------
Repayment Method Analysis (pound)000's %
---------------------------------------------
Endowment 6,603,247 27.70%
Interest Only 2,758,107 11.57%
Repayment 14,477,083 60.73%
---------------------------------------------
23,838,437 100.00%
=============================================
As at 10th November 2003 approximately 5% of the loans were Self Certified
---------------------------------------------
Loan Purpose Analysis (pound)000's %
---------------------------------------------
Purchase 21,247,199 89.13%
Remortgage 2,591,238 10.87%
---------------------------------------------
23,838,437 100.00%
=============================================
Mortgage Standard Variable Rate
Effective Date Rate
-------------- ----
01 August 2003 5.54%
01 March 2003 5.79%
01 November 2002 5.94%
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 10 November 2003
All values are in thousands of pounds sterling unless otherwise stated
Geographic Analysis
- --------------------------------------------------------------------------------
Region Number (pound)000's %
- --------------------------------------------------------------------------------
East Anglia 13,932 856,725 3.59%
East Midlands 18,954 1,076,465 4.52%
Greater London 60,356 5,227,866 21.93%
North 14,868 719,780 3.02%
North West 40,694 2,112,386 8.86%
Scotland 23,010 1,221,983 5.13%
South East 92,679 7,386,185 30.98%
South West 27,510 1,800,533 7.55%
Wales 17,847 884,130 3.71%
West Midlands 24,409 1,393,450 5.85%
Yorkshire and Humberside 22,251 1,103,833 4.63%
Unknown 911 55,101 0.23%
- --------------------------------------------------------------------------------
Total 357,421 23,838,437 100.00%
================================================================================
Original LTV Bands
--------------------------------------------------
Range Number (pound)000's %
--------------------------------------------------
0.00 - 25.00 7,462 302,442 1.27%
25.01 - 50.00 44,978 2,481,238 10.41%
50.01 - 75.00 105,708 7,556,576 31.70%
75.01 - 80.00 19,503 1,432,310 6.01%
80.01 - 85.00 25,162 1,917,656 8.04%
85.01 - 90.00 52,696 4,062,334 17.04%
90.01 - 95.00 101,912 6,085,881 25.53%
--------------------------------------------------
Total 357,421 23,838,437 100.00%
==================================================
*** 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 October 2003 to 10 November 2003
All values are in thousands of pounds sterling unless otherwise stated
Arrears
-----------------------------------------------------------------------------------
Band Number Principal Overdue %
-----------------------------------------------------------------------------------
Current 347,723 23,238,821 (3,651) 97.50%
1.00 - 1.99 months 5,934 367,426 2,842 1.54%
2.00 - 2.99 months 1,614 100,170 1,430 0.42%
3.00 - 3.99 months 855 51,046 1,055 0.21%
4.00 - 4.99 months 428 25,577 674 0.11%
5.00 - 5.99 months 246 14,663 485 0.06%
6.00 -11.99 months 487 29,025 1,346 0.12%
12 months and over 55 3,532 302 0.01%
Properties in Possession 79 3,410 284 0.01%
-----------------------------------------------------------------------------------
Total 357,421 23,833,670 4,767 100.00%
===================================================================================
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 14,060,014 9,623,398
Replenishment of Assets 0 1,328,115
Acquisition by Funding 0 0
Distribution of Principal Receipts (695,294) (480,023)
Allocation of Losses (47) (33)
Share of Capitalised Interest 1,370 937
Payment Re Capitalised Interest (1,370) 1,370
------------------------------------------
Balance Carried Forward 13,364,673 10,473,764
==========================================
------------------------------------------
Carried Forward Percentage 56.06355% 43.93645%
==========================================
------------------------------------------
Minimum Seller Share 953,537 4.00%
------------------------------------------
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 10 November 2003
All values are in thousands of pounds sterling unless otherwise stated
Cash Accumulation Ledger
---------------------
(pound)000's
---------------------
Brought Forward 896,669
---------------------
Additional Amounts Accumulated 695,341
Payment of Notes (896,646)
---------------------
Carried Forward 695,364
=====================
---------------------
Target Balance 695,317 payable on 15th
--------------------- January 2004
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 15/10/03 0.4766%
---------------------
Quarter to 15/07/03 0.4620%
---------------------
Quarter to 15/04/03 0.6113%
---------------------
Quarter to 15/01/03 0.5960%
---------------------
----------------------------------------
Reserve Funds First Reserve Second Reserve
----------------------------------------
Balance as at 15/10/2003 (pound)238,731,086.30 (pound)56,890,739.99
----------------------------------------
Required Amount as at 15/10/2003 (pound)350,000,000.00 (pound)153,217,750.00
----------------------------------------
Percentage of Notes 1.78% 0.42%
----------------------------------------
Properties in Possession
Holmes Financing No 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 10 November 2003
All values are in thousands of pounds sterling unless otherwise stated
Stock
-----------------------------------------
Current Period
-----------------------------------------
Number (pound)000's
-----------------------------------------
Brought Forward 75 3,467
-----------------------------------------
Repossessed in Period 26 1,574
-----------------------------------------
Sold in Period (22) (1,347)
-----------------------------------------
Carried Forward 79 3,694
=========================================
-----------------------------------------
Cumulative
-----------------------------------------
Number (pound)000's
-----------------------------------------
Repossessed to date 418 21,574
Sold to date (339) (17,880)
-----------------------------------------
Carried Forward 79 3,694
=========================================
Repossession Sales Information
---------------------
Average time Possession to Sale 79 Days
---------------------
Average arrears at time of Sale (pound)3,225
---------------------
MIG Claim Status
-----------------------------------------
Number (pound)000's
-----------------------------------------
MIG Claims made 174 1,288
-----------------------------------------
MIG Claims outstanding 3 15
-----------------------------------------
---------------------
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 October 2003 to 10 November 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 -
03Q4 - 176 - 191 - 481 -
- -------------------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- -------------------------------------------------------------------------------------------------------------------------------
Expected Redemption Holmes 1 Holmes 2 Holmes 3 Holmes 4 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 3 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 10 November 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: 13 November, 2003 By / s / Natalie Weedon
(Authorised Signatory)