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 June 2004
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
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For Period 11 May 204 to 08 June 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 417,090 29,737,959
Replenishment 17,513 1,533,881
Repurchased (5,235) (435,444)
Redemptions (11,582) (845,941)
Losses (14) 0
Capitalised Interest 0 3,876
Other Movements 0 0
------------------------------------
Carried Forward 417,772 29,994,331
====================================
------------------------------------
Cumulative
------------------------------------
Number (pound)000's
------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 813,498 60,322,044
Repurchased (229,875) (16,191,871)
Redemptions (280,588) (20,573,124)
Losses (454) (777)
Capitalised Interest 0 38,846
Other Movements 0 (1)
------------------------------------
Carried Forward 417,772 29,994,331
====================================
Period CPR Annualised CPR
------------------------------------
1 Month 4.27% 63.65% **(including
------------------------------------
3 Month 13.74% 68.58% redemptions and
------------------------------------
12 Month 54.45% 54.45% repurchases)
------------------------------------
** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
All values are in thousands of pounds sterling unless otherwise stated
Asset Profiles
------------------
Weighted Average Seasoning 32.02 months
------------------
Weighted Average Loan size (pound)71,795.93
------------------
Weighted Average LTV 71.59%*** (see below)
------------------
Weighted Average Indexed LTV 54.64% Halifax
------------------
Weighted Average Indexed LTV 53.98% Nationwide
------------------
Weighted Average Remaining Term 18.53 Years
------------------
-------------------------------------
Product Type Analysis (pound)000's %
- --------------------- -------------------------------------
Variable Rate 9,181,265 30.61%
Fixed Rate 5,833,897 19.45%
Tracker Rate 14,979,169 49.94%
-------------------------------------
29,994,331 100.00%
=====================================
As at 08 June 2004 approximately 7% of the loans were flexible loans
-------------------------------------
Repayment Method Analysis (pound)000's %
- ------------------------- -------------------------------------
Endowment 6,862,703 22.88%
Interest Only 4,214,204 14.05%
Repayment 18,917,425 63.07%
-------------------------------------
29,994,331 100.00%
=====================================
As at 08 June 2004 approximately 13.92% of the loans were self-certified
-------------------------------------
Loan Purpose Analysis (pound)000's %
- --------------------- -------------------------------------
Purchase 23,176,620 77.27%
Remortgage 6,817,711 22.73%
-------------------------------------
29,994,331 100.00%
=====================================
Mortgage Standard Variable Rate
- -------------------------------
Effective Date Rate
-------------- ----
01 June 2004 6.25%
01 March 2004 6.00%
01 December 2003 5.75%
01 August 2003 5.54%
All values are in thousands of pounds sterling unless otherwise stated
Geographic Analysis
- ---------------------------------------------------------------------------
Region Number (pound)000's %
- ---------------------------------------------------------------------------
East Anglia 17,082 1,139,312 3.80%
East Midlands 22,894 1,421,787 4.74%
Greater London 67,716 6,305,101 21.02%
North 18,072 954,215 3.18%
North West 47,511 2,703,843 9.01%
Scotland 27,747 1,529,436 5.10%
South East 107,928 9,249,744 30.84%
South West 33,155 2,349,502 7.83%
Wales 20,389 1,096,795 3.66%
West Midlands 28,478 1,754,259 5.85%
Yorkshire and Humberside 26,144 1,419,692 4.73%
Unknown 656 70,645 0.24%
- ---------------------------------------------------------------------------
Total 417,772 29,994,331 100.00%
===========================================================================
Original LTV Bands
------------------------------------------------------
Range Number (pound)000's %
------------------------------------------------------
0.00 - 25.00 13,546 581,691 1.94%
25.01 - 50.00 69,485 4,195,696 13.99%
50.01 - 75.00 145,881 11,501,425 38.35%
75.01 - 80.00 22,700 1,804,463 6.02%
80.01 - 85.00 28,047 2,312,256 7.71%
85.01 - 90.00 52,627 4,338,916 14.47%
90.01 - 95.00 85,486 5,259,884 17.54%
------------------------------------------------------
Total 417,772 29,994,331 100.00%
======================================================
*** 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.
All values are in thousands of pounds sterling unless otherwise stated
Arrears
- -------
---------------------------------------------------
Band Number Principal Overdue %
---------------------------------------------------
Current 408,754 29,402,053 (3,225) 98.04%
1.00 - 1.99 months 5,441 363,212 3,078 1.21%
2.00 - 2.99 months 1,666 106,707 1,642 0.36%
3.00 - 3.99 months 783 48,334 1,072 0.16%
4.00 - 4.99 months 400 24,955 730 0.08%
5.00 - 5.99 months 252 15,545 554 0.05%
6.00 -11.99 months 357 21,654 1,106 0.07%
12 months and over 41 2,158 257 0.01%
Properties in Possession 78 4,146 353 0.01%
---------------------------------------------------
Total 417,772 29,988,764 5,567 100.00%
===================================================
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 16,083,915 13,654,044
Replenishment of Assets 0 1,533,881
Acquisition by Funding 0 0
Distribution of Principal
Receipts 0 (1,281,385)
Allocation of Losses 0 0
Share of Capitalised Interest 2,097 1,779
Payment Re Capitalised Interest (2,097) 2,097
-------------------------------------
Balance Carried Forward 16,083,915 13,910,416
=====================================
-------------------------------------
Carried Forward Percentage 53.62318% 46.37682%
=====================================
-------------------------------------
Minimum Seller Share 1,277,893 4.26%
-------------------------------------
All values are in thousands of pounds sterling unless otherwise stated
Cash Accumulation Ledger
- ------------------------
------------------
(pound)000's
------------------
Brought Forward 656,435
------------------
Additional Amounts Accumulated 0
Payment of Notes 0
------------------
Carried Forward 656,435
==================
------------------
Target Balance 406,070 payable on 15th July 2004
250,365 payable on 15th April 2005
------------------
656,435
==================
-------------------------------------
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 15/04/04 0.3687%
------------------
Quarter to 15/01/04 0.4098%
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Quarter to 15/10/03 (Restated)** 0.3433%
------------------
Quarter to 15/07/03 (Restated)** 0.3852%
------------------
* 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.
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Reserve Funds First Reserve Second Reserve Funding Reserve
- ------------- ---------------------------------------------------------------------
Balance as at 15/04/2004 (pound)338,000,000.00 (pound)7,977,968.00 (pound)67,722,808.72
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Required Amount as at 15/04/2004 (pound)338,000,000.00 (pound)7,977,968.00 (pound)70,000,000.00
---------------------------------------------------------------------
Percentage of Notes 2.02% 0.05% 0.40%
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All values are in thousands of pounds sterling unless otherwise stated
Properties in Possession
- ------------------------
Stock
- -----
------------------------------------
Current Period
------------------------------------
Number (pound)000's
------------------------------------
Brought Forward 82 4,377
------------------------------------
Repossessed in Period 15 1,958
------------------------------------
Sold in Period (19) (1,836)
------------------------------------
Carried Forward 78 4,499
====================================
------------------------------------
Cumulative
------------------------------------
Number (pound)000's
------------------------------------
Repossessed to date 560 36,107
Sold to date (482) (31,608)
------------------------------------
Carried Forward 78 4,499
====================================
Repossession Sales Information
- ------------------------------ ------------------
Average time Possession to Sale 82 Days
------------------
Average arrears at time of Sale (pound)3,377
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MIG Claim Status
- ----------------
------------------------------------
Number (pound)000's
------------------------------------
MIG Claims made 195 1,382
------------------------------------
MIG Claims outstanding 2 14
------------------------------------
------------------
Average time claim to payment 36
------------------
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)25 billion
All values are in thousands of pounds sterling unless otherwise stated
Retired Class A Notes
- ---------------------
- -------------------------------------------------------------------------------------------------------
Date Retired Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7 Holmes 8
- -------------------------------------------------------------------------------------------------------
02Q3 - 703 - - 352 - - -
02Q4 - - - - 352 - - -
03Q1 - - 750 - - - - -
03Q2 - - - - - - - -
03Q3 600 - - - - 481 - -
03Q4 - 176 - 191 - 481 - -
04Q1 - 176 - 191 - - 241 -
04Q2 - 176 - 191 - - 241 -
- -------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- -------------------------------------------------------------------------------------------------------
Expected
Redemption Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7 Holmes 8
- -------------------------------------------------------------------------------------------------------
04Q2 - - - - - - - -
04Q3 - 176 - 191 - - - -
04Q4 - - - - 698 - - -
05Q1 - - 750 - - - - -
05Q2 - - - - - 801 - 1,001
05Q3 650 - - - - - - -
05Q4 - 125 - - - - - -
06Q1 - 125 - - - - 803 -
06Q2 - 125 - - - - - -
06Q3 - 125 500 1,340 - - - -
06Q4 - - - 350 875 - - -
07Q1 - - - - - - 161 812
07Q2 - - - - - 634 161 -
07Q3 575 - - - - - - -
07Q4 - 300 - - - 770 - -
08Q1 - - - - - - - -
08Q2 - - - - - 500 592 221
08Q3 - - - - - - - 221
08Q4 - - - - - - - 221
09Q1 - - - - - - - 1,171
09Q2 - - - - - - - -
09Q3 - - - - - - - -
09Q4 - - - - - - - -
10Q1 - - - - - - - -
10Q2 - - - - - - - -
10Q3 250 - - - - - - -
10Q4 - - - - - - - -
- -------------------------------------------------------------------------------------------------------
Retired Class A Notes
- -------------------------------------------------------------------------------------------------------
Date Retired Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7 Holmes 8
- -------------------------------------------------------------------------------------------------------
02Q3 - 703 - - 352 - - -
02Q4 - - - - 352 - - -
03Q1 - - 750 - - - - -
03Q2 - - - - - - - -
03Q3 600 - - - - 481 - -
03Q4 - 176 - 191 - 481 - -
04Q1 - 176 - 191 - - 241 -
04Q2 - 176 - 191 - - 241 -
- -------------------------------------------------------------------------------------------------------
Outstanding Class A Notes
- -------------------------------------------------------------------------------------------------------
Expected
Redemption Holmes 1 Holmes 2 Holmes 3 Holmes4 Holmes 5 Holmes 6 Holmes 7 Holmes 8
- -------------------------------------------------------------------------------------------------------
04Q2 - - - - - - - -
04Q3 - 176 - 191 - - - -
04Q4 - - - - 698 - - -
05Q1 - - 750 - - - - -
05Q2 - - - - - 801 - 1,001
05Q3 650 - - - - - - -
05Q4 - 125 - - - - - -
06Q1 - 125 - - - - 803 -
06Q2 - 125 - - - - - -
06Q3 - 125 500 1,340 - - - -
06Q4 - - - 350 875 - - -
07Q1 - - - - - - 161 812
07Q2 - - - - - 634 161 -
07Q3 575 - - - - - - -
07Q4 - 300 - - - 770 - -
08Q1 - - - - - - - -
08Q2 - - - - - 500 592 221
08Q3 - - - - - - - 221
08Q4 - - - - - - - 221
09Q1 - - - - - - - 1,171
09Q2 - - - - - - - -
09Q3 - - - - - - - -
09Q4 - - - - - - - -
10Q1 - - - - - - - -
10Q2 - - - - - - - -
10Q3 250 - - - - - - -
10Q4 - - - - - - - -
- -------------------------------------------------------------------------------------------------------
All values in thousands of pounds sterling unless otherwise stated
EXPECTED REDEMPTION OF CLASS A NOTES
[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:16th June 2004 By /s Karen Carson
(Authorised Signatory)