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 January 2004
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 December 2003 to 08 January 2004
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 358,117 23,933,471
Replenishment 11,900 971,490
Repurchased (4,704) (371,506)
Redemptions (11,925) (603,089)
Losses (17) (7)
Capitalised Interest 0 2,630
Other Movements 0 0
-------------------------------------
Carried Forward 353,371 23,932,989
=====================================
-------------------------------------
Cumulative
-------------------------------------
Number (pound)000's
-------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 663,059 47,778,348
Repurchased (187,890) (13,313,877)
Redemptions (236,620) (16,950,695)
Losses (369) (756)
Capitalised Interest 0 20,755
Other Movements 0 0
-------------------------------------
Carried Forward 353,371 23,932,989
=====================================
Period CPR Annualised CPR
------------------------------------------
1 Month 4.07% 59.99% **(including
------------------------------------
3 Month 14.01% 70.21% redemptions and
------------------------------------
12 Month 63.35% 63.35% 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 36.72 months
-------------------
Weighted Average Loan size (pound)67,727.65
-------------------
Weighted Average LTV 75.09% *** (see below)
-------------------
Weighted Average Remaining Term 18.56 Years
-------------------
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 October 2003 to 08 January 2004
All values are in thousands of pounds sterling unless otherwise stated
-------------------------------------
Product Type Analysis (pound)000's %
-------------------------------------
Variable Rate 9,175,908 38.34%
Fixed Rate 4,145,194 17.32%
Tracker Rate 10,611,887 44.34%
-------------------------------------
23,932,989 100.00%
=====================================
As at 08 January 2004 approximately 7% of the loans were flexible loans
-------------------------------------
Repayment Method Analysis (pound)000's %
-------------------------------------
Endowment 6,514,560 27.22%
Interest Only 2,781,013 11.62%
Repayment 14,637,416 61.16%
-------------------------------------
23,932,989 100.00%
=====================================
As at 08 January 2004 approximately 7% of the loans were self-certified
-------------------------------------
Loan Purpose Analysis (pound)000's %
-------------------------------------
Purchase 21,049,064 87.95%
Remortgage 2,883,925 12.05%
-------------------------------------
23,932,989 100.00%
=====================================
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 13,799 867,525 3.62%
East Midlands 18,861 1,091,390 4.56%
Greater London 59,377 5,199,268 21.72%
North 14,822 735,226 3.07%
North West 40,361 2,141,183 8.95%
Scotland 22,963 1,225,091 5.12%
South East 91,130 7,392,754 30.89%
South West 27,241 1,817,100 7.59%
Wales 17,640 889,745 3.72%
West Midlands 24,194 1,401,160 5.85%
Yorkshire and Humberside 22,148 1,121,527 4.69%
Unknown 835 51,020 0.21%
- --------------------------------------------------------------------------------
Total 353,371 23,932,989 100.00%
================================================================================
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 December 2003 to 08 January 2004
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
---------------------------------------------------
Range Number (pound)000's %
---------------------------------------------------
0.00 - 25.00 7,916 325,091 1.36%
25.01 - 50.00 46,928 2,637,645 11.02%
50.01 - 75.00 108,132 7,872,641 32.89%
75.01 - 80.00 19,471 1,456,175 6.08%
80.01 - 85.00 24,771 1,919,250 8.02%
85.01 - 90.00 50,709 3,964,178 16.56%
90.01 - 95.00 95,444 5,758,009 24.06%
---------------------------------------------------
Total 353,371 23,932,989 100.00%
===================================================
*** 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 342,828 23,280,896 (4,546) 97.29%
1.00 - 1.99 months 6,832 423,769 3,415 1.77%
2.00 - 2.99 months 1,706 101,421 1,531 0.42%
3.00 - 3.99 months 794 49,735 1,061 0.21%
4.00 - 4.99 months 411 25,139 684 0.11%
5.00 - 5.99 months 250 14,489 494 0.06%
6.00 -11.99 months 425 26,265 1,250 0.11%
12 months and over 53 3,391 305 0.01%
Properties in Possession 72 3,415 275 0.01%
-------------------------------------------------------
Total 353,371 23,928,520 4,469 100.00%
=======================================================
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 December 2003 to 08 January 2004
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 10,568,798
Replenishment of Assets 0 971,490
Acquisition by Funding 0 0
Distribution of Principal Receipts 0 (974,595)
Allocation of Losses (4) (3)
Share of Capitalised Interest 1,469 1,161
Payment Re Capitalised Interest (1,469) 1,469
------------------------------------------
Balance Carried Forward 13,364,669 10,568,320
==========================================
------------------------------------------
Carried Forward Percentage 55.84204% 44.15796%
==========================================
------------------------------------------
Minimum Seller Share 957,320 4.00%
------------------------------------------
Cash Accumulation Ledger
----------------------
(pound)000's
----------------------
Brought Forward 695,364
----------------------
Additional Amounts Accumulated 4
Payment of Notes 0
----------------------
Carried Forward 695,368
======================
----------------------
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 December 2003 to 08 January 2004
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 85 4,123
------------------------------------------
Repossessed in Period 11 1,222
------------------------------------------
Sold in Period (24) (1,655)
------------------------------------------
Carried Forward 72 3,690
==========================================
------------------------------------------
Cumulative
------------------------------------------
Number (pound)000's
------------------------------------------
Repossessed to date 458 24,924
Sold to date (386) (21,234)
------------------------------------------
Carried Forward 72 3,690
==========================================
Repossession Sales Information
----------------------
Average time Possession to Sale 79 Days
----------------------
Average arrears at time of Sale (pound)3,248
----------------------
MIG Claim Status
------------------------------------------
Number (pound)000's
------------------------------------------
MIG Claims made 184 1,338
------------------------------------------
MIG Claims outstanding 7 34
------------------------------------------
----------------------
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 December 2003 to 08 January 2004
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 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 December 2003 to 08 January 2004
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 5) PLC
Dated: 20 January 2004 By /s/ Natalie Weedon
(Authorised Signatory)