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 February 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 January 2004 to 09 February 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 353,371 23,932,989
Replenishment 16,850 1,129,787
Repurchased (13,197) (691,185)
Redemptions (5,288) (521,658)
Losses (27) (5)
Capitalised Interest 0 3,600
Other Movements 0 0
-------------------------------------------
Carried Forward 351,709 23,853,528
===========================================
Cumulative
---------------------
Number (pound)000's
-------------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 679,909 48,908,135
Repurchased (201,087) (14,005,062)
Redemptions (241,908) (17,472,353)
Losses (396) (761)
Capitalised Interest 0 24,355
Other Movements 0 0
-------------------------------------------
Carried Forward 351,709 23,853,528
===========================================
Period CPR Annualised CPR
-------------------------------------------
1 Month 5.08% 79.31% **( including
-------------------------------------------
3 Month 14.22% 71.45% redemptions and
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12 Month 65.26% 65.26% repurchases)
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** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Asset Profiles
---------------------
Weighted Average Seasoning 36.62months
---------------------
Weighted Average Loan size (pound)67,821.77
---------------------
Weighted Average LTV 74.80%*** (see below)
---------------------
Weighted Average Remaining Term 18.54 Years
---------------------
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 January 2004 to 09 February 2004
All values are in thousands of pounds sterling unless otherwise stated
-------------------------------------------
Product Type Analysis (pound)000's %
-------------------------------------------
Variable Rate 9,002,321 37.74%
Fixed Rate 3,966,842 16.63%
Tracker Rate 10,884,365 45.63%
-------------------------------------------
23,853,528 100.00%
===========================================
As at 09 February 2004 approximately 7% of the loans were flexible loans
-------------------------------------------
Repayment Method Analysis (pound)000's %
-------------------------------------------
Endowment 6,380,819 26.75%
Interest Only 2,783,707 11.67%
Repayment 14,689,003 61.58%
-------------------------------------------
23,853,528 100.00%
===========================================
As at 09 February 2004 approximately 7.6% of the loans were self-certified
-------------------------------------------
Loan Purpose Analysis (pound)000's %
-------------------------------------------
Purchase 20,783,579 87.13%
Remortgage 3,069,949 12.87%
-------------------------------------------
23,853,528 100.00%
===========================================
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 13,842 869,385 3.64%
East Midlands 18,898 1,096,557 4.60%
Greater London 57,988 5,120,860 21.47%
North 14,813 735,657 3.08%
North West 40,620 2,161,936 9.06%
Scotland 22,925 1,215,812 5.10%
South East 90,534 7,354,466 30.83%
South West 27,319 1,825,372 7.65%
Wales 17,693 896,436 3.76%
West Midlands 24,141 1,403,537 5.88%
Yorkshire and Humberside 22,164 1,126,884 4.72%
Unknown 772 46,626 0.20%
- ----------------------------------------------------------------------------------------------------
Total 351,709 23,853,528 100.00%
- -------------------------------------===============================================================
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 January 2004 to 09 February 2004
All values are in thousands of pounds sterling unless otherwise stated
Original LTV Bands
---------------------------------------------------------------
Range Number (pound)000's %
---------------------------------------------------------------
0.00 - 25.00 8,186 335,650 1.41%
25.01 - 50.00 47,265 2,674,093 11.21%
50.01 - 75.00 108,539 7,965,710 33.39%
75.01 - 80.00 19,603 1,473,400 6.18%
80.01 - 85.00 24,861 1,927,617 8.08%
85.01 - 90.00 50,060 3,897,355 16.34%
90.01 - 95.00 93,195 5,579,703 23.39%
---------------------------------------------------------------
Total 351,709 23,853,528 100.00%
===============================================================
*** 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 341,458 23,210,929 (4,436) 97.33%
1.00 - 1.99 months 6,328 396,790 3,164 1.66%
2.00 - 2.99 months 1,885 115,169 1,715 0.48%
3.00 - 3.99 months 809 50,000 1,052 0.21%
4.00 - 4.99 months 415 26,770 726 0.11%
5.00 - 5.99 months 259 15,827 530 0.07%
6.00 -11.99 months 418 25,570 1,238 0.11%
12 months and over 54 3,435 338 0.01%
Properties in Possession 83 4,393 318 0.02%
-----------------------------------------------------------------------------------
Total 351,709 23,848,883 4,645 100.00%
===================================================================================
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 January 2004 to 09 February 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 13,364,669 10,568,320
Replenishment of Assets 0 1,129,787
Acquisition by Funding 0 0
Distribution of Principal Receipts (608,109) (604,734)
Allocation of Losses (3) (2)
Share of Capitalised Interest 2,011 1,589
Payment Re Capitalised Interest (2,011) 2,011
---------------------------------------
Balance Carried Forward 12,756,557 11,096,971
=======================================
---------------------------------------
Carried Forward Percentage 53.47870% 46.52130%
=======================================
---------------------------------------
Minimum Seller Share 954,141 4.00%
---------------------------------------
Cash Accumulation Ledger
-----------------
(pound)000's
-----------------
Brought Forward 695,368
-----------------
Additional Amounts Accumulated 608,112
Payment of Notes (695,317)
-----------------
Carried Forward 608,163
=================
-----------------
Target Balance 608,160 payable on 15th April 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
---------------------------------------
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 January 2004 to 09 February 2004
All values are in thousands of pounds sterling unless otherwise stated
Excess Spread *
---------------------
Quarter to 15/01/04 0.4098%
---------------------
Quarter to 15/10/03 (Restated)** 0.3433%
---------------------
Quarter to 15/07/03 (Restated)** 0.3852%
---------------------
Quarter to 15/04/03 (Restated)** 0.3806%
---------------------
* Excess spread is calculated by reference to deferred consideration
(determined according to relevant accounting policies) for the period,
adjusted for non-cash related items and items relating to amounts falling
due after transfers to the first and second reserve funds in the Funding
Revenue Priority of Payments, expressed as a percentage of the average note
balance over that period.
** The figures for excess spread in prior periods have been restated to
incorporate the cumulative effects of accounting adjustments. This
restatement does not affect the past or current cash value of amounts
standing to the credit of either the first or the second reserve funds.
-------------------------------------------
Reserve Funds First Reserve Second Reserve
-------------------------------------------
Balance as at 15/01/2004 (pound)292,045,557.96 (pound)56,890,739.99
-------------------------------------------
Required Amount as at 15/01/2004 (pound)350,000,000.00 (pound)122,161,456.00
-------------------------------------------
Percentage of Notes 2.18% 0.42%
-------------------------------------------
Properties in Possession
Stock
-------------------------------------------
Current Period
-------------------------------------------
Number (pound)000's
-------------------------------------------
Brought Forward 72 3,690
-------------------------------------------
Repossessed in Period 30 2,485
-------------------------------------------
Sold in Period (19) (1,464)
-------------------------------------------
Carried Forward 83 4,711
===========================================
-------------------------------------------
Cumulative
-------------------------------------------
Number (pound)000's
-------------------------------------------
Repossessed to date 488 27,409
Sold to date (405) (22,698)
-------------------------------------------
Carried Forward 83 4,711
===========================================
Repossession Sales Information
---------------------
Average time Possession to Sale 79 Days
---------------------
Average arrears at time of Sale (pound)3,237
---------------------
Holmes Financing No 5 plc
Periodic Report re Holmes Trustees Limited and Holmes Funding Limited
For Period 09 January 2004 to 09 February 2004
All values are in thousands of pounds sterling unless otherwise stated
MIG Claim Status
-------------------------------------------
Number (pound)000's
-------------------------------------------
MIG Claims made 188 1,348
-------------------------------------------
MIG Claims outstanding 5 10
-------------------------------------------
---------------------
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 January 2004 to 09 February 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 -
04Q1 - 176 - 191 - - 241
- ----------------------------------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- ----------------------------------------------------------------------------------------------------------------------------------
Expected Redemption Holmes 1 Holmes 2 Holmes 3 Holmes 4 Holmes 5 Holmes 6 Holmes 7
- ----------------------------------------------------------------------------------------------------------------------------------
04Q1 - - - - - - -
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 January 2004 to 09 February 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: 27 February 2004 By /s/ Natalie Weedon
(Authorised Signatory)