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 December 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 11 November 2003 to 08 December 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 357,421 23,838,437
Replenishment 16,043 1,296,504
Repurchased (6,328) (494,781)
Redemptions (8,998) (708,994)
Losses (21) (1)
Capitalised Interest 0 2,306
Other Movements 0 0
---------------------------------------
Carried Forward 358,117 23,933,471
=======================================
---------------------------------------
Cumulative
---------------------------------------
Number (pound)000's
---------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 651,159 46,806,858
Repurchased (183,186) (12,942,371)
Redemptions (224,695) (16,347,606)
Losses (352) (749)
Capitalised Interest 0 18,125
Other Movements 0 0
---------------------------------------
Carried Forward 358,117 23,933,471
=======================================
Period CPR Annualised CPR
---------------------------------------
1 Month 5.03% 78.21% **(including
---------------------------------------
3 Month 15.21% 77.57% redemptions and
---------------------------------------
12 Month 64.83% 64.83% 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 36.21 months
-----------------
Weighted Average Loan size (pound)66,831.43
-----------------
Weighted Average LTV 75.42% *** (see below)
-----------------
Weighted Average Remaining Term 19.63 Years
-----------------
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 November 2003 to 08 December 2003
All values are in thousands of pounds sterling unless otherwise stated
---------------------------------------
Product Type Analysis (pound)000's %
---------------------------------------
Variable Rate 9,197,633 38.43%
Fixed Rate 4,159,637 17.38%
Tracker Rate 10,576,201 44.19%
---------------------------------------
23,933,471 100.00%
=======================================
As at 08 December 2003 approximately 7% of the loans were flexible loans
---------------------------------------
Repayment Method Analysis (pound)000's %
---------------------------------------
Endowment 6,526,658 27.27%
Interest Only 2,781,069 11.62%
Repayment 14,625,744 61.11%
---------------------------------------
23,933,471 100.00%
=======================================
As at 08 December 2003 approximately 6% of the loans were self-certified
---------------------------------------
Loan Purpose Analysis (pound)000's %
---------------------------------------
Purchase 21,178,728 88.49%
Remortgage 2,754,743 11.51%
---------------------------------------
23,933,471 100.00%
=======================================
Mortgage Standard Variable Rate
Effective Date Rate
-------------- ----
01 December 2003 5.75%
01 August 2003 5.54%
01 March 2003 5.79%
01 November 2002 5.94%
Geographic Analysis
- ------------------------------------------------------------------------------
Region Number (pound)000's %
- ------------------------------------------------------------------------------
East Anglia 14,010 866,417 3.62%
East Midlands 19,031 1,086,823 4.54%
Greater London 60,275 5,223,680 21.83%
North 14,966 730,809 3.05%
North West 40,873 2,132,395 8.91%
Scotland 23,128 1,223,632 5.11%
South East 92,547 7,392,279 30.89%
South West 27,636 1,817,954 7.60%
Wales 17,871 887,215 3.71%
West Midlands 24,527 1,401,989 5.86%
Yorkshire and Humberside 22,378 1,117,237 4.67%
Unknown 875 53,041 0.22%
- ------------------------------------------------------------------------------
Total 358,117 23,933,471 100.00%
- ------------------------------================================================
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 November 2003 to 08 December 2003
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
----------------------------------------------------
Range Number (pound)000's %
----------------------------------------------------
0.00 - 25.00 7,756 315,720 1.32%
25.01 - 50.00 46,340 2,571,651 10.74%
50.01 - 75.00 107,939 7,749,641 32.38%
75.01 - 80.00 19,613 1,447,173 6.05%
80.01 - 85.00 25,123 1,919,722 8.02%
85.01 - 90.00 52,009 4,009,821 16.75%
90.01 - 95.00 99,337 5,919,743 24.73%
----------------------------------------------------
Total 358,117 23,933,471 100.00%
====================================================
*** 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 349,634 23,424,679 (3,378) 97.89%
1.00 - 1.99 months 5,012 294,253 2,563 1.23%
2.00 - 2.99 months 1,532 93,487 1,416 0.39%
3.00 - 3.99 months 747 46,433 983 0.19%
4.00 - 4.99 months 398 23,363 650 0.10%
5.00 - 5.99 months 244 14,745 489 0.06%
6.00 -11.99 months 421 25,457 1,217 0.11%
12 months and over 44 2,734 257 0.01%
Properties in Possession 85 3,853 270 0.02%
-------------------------------------------------------------
Total 358,117 23,929,004 4,467 100.00%
=============================================================
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 11 November 2003 to 08 December 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 13,364,673 10,473,764
Replenishment of Assets 0 1,296,504
Acquisition by Funding 0 0
Distribution of Principal Receipts 0 (1,203,775)
Allocation of Losses 0 (1)
Share of Capitalised Interest 1,293 1,013
Payment Re Capitalised Interest (1,293) 1,293
---------------------------------------
Balance Carried Forward 13,364,673 10,568,798
=======================================
---------------------------------------
Carried Forward Percentage 55.84093% 44.15907%
=======================================
---------------------------------------
Minimum Seller Share 957,336 4.00%
---------------------------------------
Cash Accumulation Ledger
-----------------
(pound)000's
-----------------
Brought Forward 695,364
-----------------
Additional Amounts Accumulated 0
Payment of Notes 0
-----------------
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%
-----------------
Holmes Financing No 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 November 2003 to 08 December 2003
All values are in thousands of pounds sterling unless otherwise stated
-------------------------------------------
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
Stock
---------------------------------------
Current Period
---------------------------------------
Number (pound)000's
---------------------------------------
Brought Forward 79 3,694
---------------------------------------
Repossessed in Period 29 2,128
---------------------------------------
Sold in Period (23) (1,699)
---------------------------------------
Carried Forward 85 4,123
=======================================
---------------------------------------
Cumulative
---------------------------------------
Number (pound)000's
---------------------------------------
Repossessed to date 447 23,702
Sold to date (362) (19,579)
---------------------------------------
Carried Forward 85 4,123
=======================================
Repossession Sales Information
-----------------
Average time Possession to Sale 80 Days
-----------------
Average arrears at time of Sale (pound)3,223
-----------------
MIG Claim Status
---------------------------------------
Number (pound)000's
---------------------------------------
MIG Claims made 177 1,304
---------------------------------------
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 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 November 2003 to 08 December 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 1 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 11 November 2003 to 08 December 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: 22 December, 2003 By /s/ Natalie Weedon
(Authorised Signatory)