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 July 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
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Mortgage Asset Analysis
- -----------------------
Analysis of Mortgage Trust Movements
- --------------------------------------------------------------------
Current Period
------------------------------------
Number (pound)000's
------------------------------------
Brought Forward 417,772 29,994,331
Replenishment 14,565 1,270,653
Repurchased (7,881) (532,906)
Redemptions (9,267) (940,209)
Losses (8) (16)
Capitalised Interest 0 4,369
Other Movements 0 1
------------------------------------
Carried Forward 415,181 29,796,223
====================================
------------------------------------
Cumulative
------------------------------------
Number (pound)000's
------------------------------------
Brought Forward 115,191 6,399,214
Replenishment 828,063 61,592,697
Repurchased (237,756) (16,724,777)
Redemptions (289,855) (21,513,333)
Losses (462) (793)
Capitalised Interest 0 43,215
Other Movements 0 0
------------------------------------
Carried Forward 415,181 29,796,223
====================================
Period CPR Annualised CPR
--------------------------------
1 Month 4.94% 76.51% **(including
--------------------------------
3 Month 14.08% 70.64% redemptions and
--------------------------------
12 Month 54.67% 54.67% repurchases)
--------------------------------
** The annualised CPR's are expressed as a percentage of the
outstanding balance at the end of the period
Holmes Financing No 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Asset Profiles
------------------
Weighted Average Seasoning 32.12 months
------------------
Weighted Average Loan size (pound)71,766.83
------------------
Weighted Average LTV 71.22% *** (see below)
------------------
Weighted Average Indexed LTV 54.97% using Halifax House
------------------ Price Index
Weighted Average Indexed LTV 54.33% using Nationwide House
------------------ Price Index
Weighted Average Remaining Term 18.48 Years
------------------
Product Type Analysis (pound)000's %
- --------------------- ----------------------------------------
Variable Rate 8,822,662 29.61%
Fixed Rate 5,911,571 19.84%
Tracker Rate 15,061,991 50.55%
----------------------------------------
29,796,223 100.00%
========================================
As at 08 July 2004 approximately 7.5% of the loans were flexible loans
---------------------------------------
Repayment Method Analysis (pound)000's %
- ------------------------- ---------------------------------------
Endowment 6,686,272 22.44%
Interest Only 4,281,717 14.37%
Repayment 18,828,233 63.19%
---------------------------------------
29,796,223 100.00%
=======================================
As at 08 July 2004 approximately 14.86% of the loans were written under Abbey's
policy of non-income verification
----------------------------------------
Loan Purpose Analysis (pound)000's %
- --------------------- ----------------------------------------
Purchase 22,665,987 76.07%
Remortgage 7,130,236 23.93%
---------------------------------------
29,796,223 100.00%
=======================================
Mortgage Standard Variable Rate
- -------------------------------
Effective Date Rate
-------------- ----
01 July 2004 6.50%
01 June 2004 6.25%
01 March 2004 6.00%
01 December 2003 5.75%
Holmes Financing No 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Geographic Analysis
- -----------------------------------------------------------------------------
Region Number (pound)000's %
- -----------------------------------------------------------------------------
East Anglia 17,043 1,141,474 3.83%
East Midlands 22,746 1,414,925 4.75%
Greater London 67,514 6,284,834 21.09%
North 17,955 948,968 3.18%
North West 47,085 2,682,455 9.00%
Scotland 27,597 1,520,333 5.10%
South East 107,305 9,188,753 30.84%
South West 32,966 2,340,808 7.86%
Wales 20,140 1,081,283 3.63%
West Midlands 28,247 1,739,007 5.84%
Yorkshire and Humberside 25,949 1,412,531 4.74%
Unknown 634 40,852 0.14%
- -----------------------------------------------------------------------------
Total 415,181 29,796,223 100.00%
=============================================================================
Original LTV Bands
- ------------------
----------------------------------------------
Range Number (pound)000's %
----------------------------------------------
0.00 - 25.00 13,962 595,000 2.00%
25.01 - 50.00 70,665 4,270,609 14.33%
50.01 - 75.00 146,879 11,593,247 38.91%
75.01 - 80.00 22,348 1,781,828 5.98%
80.01 - 85.00 27,583 2,274,162 7.63%
85.01 - 90.00 51,477 4,238,599 14.23%
90.01 - 95.00 82,267 5,042,778 16.92%
----------------------------------------------
Total 415,181 29,796,223 100.00%
==============================================
*** 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 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Arrears
- -------
------------------------------------------------------
Band Number Principal Overdue %
------------------------------------------------------
Current 406,563 29,236,674 (2,970) 98.14%
1.00 - 1.99 months 5,175 337,853 3,055 1.13%
2.00 - 2.99 months 1,614 102,603 1,635 0.34%
3.00 - 3.99 months 748 47,515 1,093 0.16%
4.00 - 4.99 months 391 24,298 732 0.08%
5.00 - 5.99 months 223 14,029 515 0.05%
6.00 -11.99 months 354 21,352 1,107 0.07%
12 months and over 35 1,895 223 0.01%
Properties in Possession 78 4,264 350 0.01%
------------------------------------------------------
Total 415,181 29,790,483 5,740 100.00%
======================================================
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 13,910,416
Replenishment of Assets 0 1,270,653
Acquisition by Funding 0 0
Distribution of Principal
Receipts (947,865) (525,249)
Allocation of Losses (8) (8)
Share of Capitalised Interest 2,343 2,026
Payment Re Capitalised Interest (2,343) 2,343
-------------------------------------
Balance Carried Forward 15,136,042 14,660,181
=====================================
-------------------------------------
Carried Forward Percentage 50.79853% 49.20147%
=====================================
-------------------------------------
Minimum Seller Share 1,275,372 4.28%
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Holmes Financing No 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Cash Accumulation Ledger
- ------------------------
------------------
(pound)000's
------------------
Brought Forward 656,435
------------------
Additional Amounts Accumulated 947,865
Payment of Notes 0
------------------
Carried Forward 1,604,300
==================
------------------
Target Balance 406,070 payable on 15th July 2004
947,865 payable on 15th October 2004
250,365 payable on 15th April 2005
------------------
1,604,300
==================
-------------------------------------
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
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Excess Spread *
- ---------------
------------------
Quarter to 15/04/04 0.3687%
------------------
Quarter to 15/01/04 0.4098%
------------------
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
------------------------------------------------------------------
Required Amount as at 15/04/2004 (pound)338,000,000.00 (pound)7,977,968.00 (pound)70,000,000.00
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Percentage of Notes 2.02% 0.05% 0.40%
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Holmes Financing No 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles otherwise stated
Properties in Possession
- ------------------------
Stock
- -----
-----------------------------------------
Current Period
-----------------------------------------
Number (pound)000's
-----------------------------------------
Brought Forward 78 4,499
-----------------------------------------
Repossessed in Period 11 1,202
-----------------------------------------
Sold in Period (11) (1,437)
-----------------------------------------
Carried Forward 78 4,264
=========================================
-----------------------------------------
Cumulative
-----------------------------------------
Number (pound)000's
-----------------------------------------
Repossessed to date 571 37,309
Sold to date (493) (33,045)
-----------------------------------------
Carried Forward 78 4,264
=========================================
Repossession Sales Information
- ------------------------------ -----------------
Average time Possession to Sale 82 Days
-----------------
Average arrears at time of Sale (pound)3,444
-----------------
MIG Claim Status
- ---------------- -----------------------------------------
Number (pound)000's
-----------------------------------------
MIG Claims made 195 1,382
- --------------- -----------------------------------------
MIG Claims outstanding 1 7
-----------------------------------------
-----------------
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.
Proposed Changes
- ----------------
Abbey has requested Fitch Ratings to confirm the impact on the rating of the
issued securities if the minimum required short term rating of Abbey as sterling
account bank / GIC provider is changed to F1 from F1+. Once Fitch has completed
its review of the appropriate documentation amendments, it expects to confirm
that this change will have no effect on the rating of any of the securities
issued by any of the Issuers. In addition, it has indicated that in the event
that Abbey is downgraded below F1 then Abbey's obligations will either need to
be guaranteed by a third party rated at least F1 or transferred to a
counterparty rated at least F1, within 30 days of the downgrade, to prevent a
downgrade by Fitch of any of the issued securities
Holmes Financing No 1 plc
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Periodic Report re Holmes Trustee Limited and Holmes Funding Limited
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For the Period 09 June to 08 July 2004
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All values are in thousands of pounds sterling unles 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 - - - - - - - -
- -------------------------------------------------------------------------------------------------
[BAR GRAPH OF EXPECTED REDEMPTION OF CLASS A NOTES -- 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: 28 July 2004 By / s / Gail McGrath
(Authorised Signatory)