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 August 2005



HOLMES FINANCING (No 2) 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 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated

|Mortgage Asset
      Analysis                                                          |  |                      |  |                      |                 | 
|-------------------------------------------------------------------------------------- |  | -------------------- |  | -------------------- | --------------- | 
|                                                                                      
|Analysis of
      Mortgage Trust Movements                                             |  |                      |  |                      |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|                                                                                       |  | Current
      Period |  |                     
|                                                                                       |  |                      |  |                     
|                                                                                       |  | Number               |  | £000's               |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|Brought
      Forward                                                                  |  | 398,925              |  | 29,947,399           |                 | 
|Replenishment                                                                          |  | 16,028               |  | 1,455,769            |                 | 
|Repurchased                                                                            |  | (6,506)              |  | (464,753)            |                 | 
|Redemptions                                                                            |  | (10,907)             |  | (1,051,612)          |                 | 
|Losses                                                                                 |  | (10)                 |  | (45)                 |                 | 
|Capitalised Interest                                                                   |  | 0                    |  | 4,655                | ( * see below ) | 
|Other
      Movements                                                                  |  | 0                    |  | 0                    |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|Carried
      Forward                                                                  |  | 397,530              |  | 29,891,413           |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|                                                                                      
|                                                                                      
|*
      Capitalised interest refers to interest due met from amounts standing
      to |  |                     
|the credit
      of overpayment facilities on flexible loans                           |  |                      |  |                     
|                                                                                       |  |                      |  |                     
|                                                                                       |  |                      |  |                      |                 | 
|                                                                                       |  | Cumulative           |  |                     
|                                                                                       |  |                      |  |                     
|                                                                                       |  | Number               |  | £000's               |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|Brought
      Forward                                                                  |  | 115,191              |  | 6,399,214            |                 | 
|Replenishment                                                                          |  | 1,015,947            |  | 78,285,211           |                 | 
|Repurchased                                                                            |  | (309,216)            |  | (22,406,889)         |                 | 
|Redemptions                                                                            |  | (423,713)            |  | (32,493,985)         |                 | 
|Losses                                                                                 |  | (679)                |  | (1,077)              |                 | 
|Capitalised Interest                                                                   |  | 0                    |  | 108,939              | ( * see above ) | 
|Other
      Movements                                                                  |  | 0                    |  | 0                    |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|Carried
      Forward                                                                  |  | 397,530              |  | 29,891,413           |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|                                                                                      
|                                                                                       |  | Period
      CPR     |  | Annualised
      CPR |                 | 
|                                                                                       |  |                      |  |                      |                 | 
|1 Month                                                                                |  | 5.07%                |  | 79.08%               | **( including   | 
|                                                                                       |  |                      |  |                      | redemptions and | 
|3 Month                                                                                |  | 14.49%               |  | 73.11%               | repurchases )   | 
|                                                                                       |  |                      |  |                      |                 | 
|12 Month                                                                               |  | 60.67%               |  | 60.67%               |                 | 
|                                                                                       |  |                      |  |                      |                 | 

|** | The annualised CPR's are expressed as a
      percentage of the outstanding balance at the end of the period
|-- | ------------------------------------------------------------------------------------------------------------
|  

Page 1 of 11

---

Holmes Financing No 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated

|Asset
      Profiles                                                                                              |            |  |                                    | 
|----------------------------------------------------------------------------------------------------------------- | ---------- |  | ---------------------------------- | 
|                                                                                                                  |            |  |                                    | 
|Weighted Average
      Seasoning                                                                                  | 34.43      |  | months                             | 
|                                                                                                                  |            |  |                                    | 
|Weighted Average Loan
      size                                                                                  | £75,192.85 |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|Weighted Average LTV                                                                                              | 68.50%     |  | *** (see below)                    | 
|                                                                                                                  |            |  |                                    | 
|Weighted Average Indexed LTV                                                                                      | 53.04%     |  | using Halifax House Price Index   
|                                                                                                                  |            |  |                                    | 
|Weighted Average Indexed LTV                                                                                      | 52.14%     |  | using Nationwide House Price Index
|                                                                                                                  |            |  |                                    | 
|Weighted Average Remaining Term                                                                                   | 18.19      |  | Years                              | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|Product Type
      Analysis                                                                                       | £000's     |  | %                                  | 
|                                                                                                                  |            |  |                                    | 
|Variable
      Rate                                                                                               | 8,680,466  |  | 29.04%                             | 
|Fixed
      Rate                                                                                                  | 6,250,294  |  | 20.91%                             | 
|Tracker
      Rate                                                                                                | 14,960,652 |  | 50.05%                             | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  | 29,891,413 |  | 100.00%                            | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|As at 08
      July 2005 approximately 9.86% of the loans were flexible
      loans                               |           
|                                                                                                                  |            |  |                                    | 
|Repayment Method
      Analysis                                                                                   | £000's     |  | %                                  | 
|                                                                                                                  |            |  |                                    | 
|Endowment                                                                                                         | 5,416,324  |  | 18.12%                             | 
|Interest
      Only                                                                                               | 5,290,780  |  | 17.70%                             | 
|Repayment                                                                                                         | 19,184,309 |  | 64.18%                             | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  | 29,891,413 |  | 100.00%                            | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                 
|As at 08 July 2005 approximately 16.20% of the loans were written under Abbey's policy of non-income verification |           
|                                                                                                                  |            |  |                                    | 
|Loan Purpose Analysis                                                                                             | £000's     |  | %                                  | 
|                                                                                                                  |            |  |                                    | 
|Purchase                                                                                                          | 21,450,078 |  | 71.76%                             | 
|Remortgage                                                                                                        | 8,441,335  |  | 28.24%                             | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  | 29,891,413 |  | 100.00%                            | 
|                                                                                                                  |            |  |                                    | 
|                                                                                                                  |            |  |                                    | 
|Mortgage Standard Variable Rate                                                                                   |            |  |                                    | 
|Effective Date                                                                                                    | Rate       |  |                                    | 
|01 September 2004                                                                                                 | 6.75%      |  |                                    | 
|01 July 2004                                                                                                      | 6.50%      |  |                                    | 
|01 June 2004                                                                                                      | 6.25%      |  |                                    | 
|01 March 2004                                                                                                     | 6.00%      |  |                                    | 



Page 2 of 11

---



Holmes Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 09 June 2005 to 08 July 2005

All values are in thousands of pounds sterling unless otherwise stated

|Geographic
      Analysis      |         |            |        
|------------------------------ | ------- | ---------- | -------
|                               |         |            |        
|Region                         | Number  | £000's     | %      
|                               |         |            |        
|East
      Anglia              | 16,571  | 1,159,444  | 3.86%  
|East
      Midlands            | 21,783  | 1,427,803  | 4.77%  
|Greater
      London           | 66,828  | 6,466,255  | 21.51% 
|North                          | 17,239  | 954,252    | 3.20%  
|North
      West               | 44,877  | 2,712,409  | 9.07%  
|Scotland                       | 26,255  | 1,493,332  | 5.00%  
|South
      East               | 102,022 | 9,075,388  | 30.44% 
|South
      West               | 31,509  | 2,369,362  | 7.90%  
|Wales                          | 18,824  | 1,078,381  | 3.63%  
|West
      Midlands            | 26,567  | 1,717,680  | 5.79%  
|Yorkshire and
      Humberside | 24,627  | 1,413,666  | 4.74%  
|Unknown                        | 428     | 23,441     | 0.08%  
|                               |         |            |        
|Total                          | 397,530 | 29,891,413 | 100.00%
|                               |         |            |        
|                               |         |            |        
|                               |         |            |        
|Original LTV
      Bands       |         |            |        
|                               |         |            |        
|Range                          | Number  | £000's     | %      
|                               |         |            |        
|0.00 -
      25.00             | 18,436  | 776,412    | 4.64%  
|25.01 -
      50.00            | 83,173  | 5,120,858  | 20.92% 
|50.01 -
      75.00            | 149,754 | 12,387,118 | 37.67% 
|75.01 -
      80.00            | 20,066  | 1,714,173  | 5.05%  
|80.01 -
      85.00            | 24,571  | 2,202,866  | 6.18%  
|85.01 -
      90.00            | 43,667  | 3,961,597  | 10.98% 
|90.01 -
      95.00            | 57,863  | 3,728,389  | 14.56% 
|                               |         |            |        
|Total                          | 397,530 | 29,891,413 | 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.

Page 3 of 11

---



Holmes Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08 July 2005

A**ll values are in thousands of pounds sterling unless otherwise stated******

|Arrears                                                                      |            |             |         |        
|---------------------------------------------------------------------------- | ---------- | ----------- | ------- | -------
|                                                                             |            |             |         |        
|Band                                                                         | Number     | Principal   | Overdue | %      
|                                                                             |            |             |         |        
|Current                                                                      | 386,844    | 29,058,139  | (3,491) | 97.25% 
|1.00 - 1.99
      months                                                     | 5,604      | 451,347     | 3,797   | 1.51%  
|2.00 - 2.99
      months                                                     | 2,262      | 168,258     | 2,634   | 0.56%  
|3.00 - 3.99
      months                                                     | 1,084      | 78,922      | 1,756   | 0.26%  
|4.00 - 4.99
      months                                                     | 543        | 39,351      | 1,109   | 0.13%  
|5.00 - 5.99
      months                                                     | 344        | 25,683      | 923     | 0.09%  
|6.00 -11.99
      months                                                     | 645        | 47,827      | 2,498   | 0.16%  
|12 months and
      over                                                     | 57         | 3,694       | 386     | 0.01%  
|Properties in
      Possession                                               | 147        | 7,764       | 815     | 0.03%  
|                                                                             |            |             |         |        
|Total                                                                        | 397,530    | 29,880,986  | 10,427  | 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      |         |        
|                                                                             |            |             |         |        
|                                                                             | £000's     | £000's      |         |        
|                                                                             |            |             |         |        
|Balance Brought
      Forward                                                | 12,021,700 | 17,925,699  |         |        
|Replenishment of
      Assets                                                | 0          | 1,455,769   |         |        
|Acquisition by
      Funding                                                 | 0          | 0           |         |        
|Distribution of
      Principal Receipts                                     | 0          | (1,516,365) |         |        
|Allocation of
      Losses                                                   | (18)       | (27)        |         |        
|Share of Capitalised
      Interest                                          | 1,869      | 2,786       |         |        
|Payment Re Capitalised
      Interest                                        | (1,869)    | 1,869       |         |        
|                                                                             |            |             |         |        
|Balance Carried
      Forward                                                | 12,021,682 | 17,869,731  |         |        
|                                                                             |            |             |         |        
|                                                                             |            |             |         |        
|Carried Forward
      Percentage                                             | 40.21785%  | 59.78215%   |         |        
|                                                                             |            |             |         |        
|                                                                             |            |             |         |        
|Minimum Seller
      Share                                                   | 1,380,839  | 4.62%       |         |        
|                                                                             |            |             |         |        

Page 4 of 11

---

Holmes Financing No 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated

|Cash Accumulation
      Ledger                                                                                                                                                                                                                                                                                                                                                                      |                 |                           |                
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------- | ------------------------- | ---------------
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    | £000's          |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Brought
      Forward                                                                                                                                                                                                                                                                                                                                                                               | 722,417         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Additional Amounts
      Accumulated                                                                                                                                                                                                                                                                                                                                                                | 0               |                           |                
|Payment of
      Notes                                                                                                                                                                                                                                                                                                                                                                              | 0               |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Carried
      Forward                                                                                                                                                                                                                                                                                                                                                                               | 722,417         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Target Balance                                                                                                                                                                                                                                                                                                                                                                                      | 722,417         | payable on 15th July 2005 |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    | 722,417         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Liquidity
      Facilities                                                                                                                                                                                                                                                                                                                                                                          | Drawn £000's    | Undrawn £000's            |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes
      Funding                                                                                                                                                                                                                                                                                                                                                                                | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      1                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      2                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      3                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      4                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      5                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Holmes Financing
      6                                                                                                                                                                                                                                                                                                                                                                            | £0              | £25,000                   |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Excess Spread
      *                                                                                                                                                                                                                                                                                                                                                                               |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Quarter to
      15/04/05                                                                                                                                                                                                                                                                                                                                                                           | 0.2725%         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Quarter to
      15/01/05                                                                                                                                                                                                                                                                                                                                                                           | 0.3015%         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Quarter to
      15/10/04                                                                                                                                                                                                                                                                                                                                                                           | 0.5449%         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Quarter to
      15/07/04                                                                                                                                                                                                                                                                                                                                                                           | 0.3214%         |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                   
|*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.
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Reserve Funds                                                                                                                                                                                                                                                                                                                                                                                       | First Reserve   | Second Reserve            | Funding Reserve
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Balance as at 15/04/2005                                                                                                                                                                                                                                                                                                                                                                            | £338,000,000.00 | £0.00                     | £70,000,000.00 
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Required Amount as at 15/04/2005                                                                                                                                                                                                                                                                                                                                                                    | £338,000,000.00 | £0.00                     | £70,000,000.00 
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Percentage of Notes                                                                                                                                                                                                                                                                                                                                                                                 | 2.65%           | 0.00%                     | 0.55%          
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|                                                                                                                                                                                                                                                                                                                                                                                                    |                 |                           |                
|Properties in Possession                                                                                                                                                                                                                                                                                                                                                                            |                 |                           |                



Page 5 of 11

---

Holmes Financing No 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated

|Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                      |         
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | --------
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Current
      Period
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Number               | £000's  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Brought
      Forward                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 145                  | 9,491   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Repossessed in
      Period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 24                   | 2,810   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Sold in
      Period                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | (22)                 | (3,722) 
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Carried
      Forward                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 147                  | 8,579   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                     
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Cumulative          
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Number               | £000's  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Repossessed to
      date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 839                  | 70,346  
|Sold to
      date                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | (692)                | (61,767)
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Carried
      Forward                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 147                  | 8,579   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Repossession Sales
      Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Average time
      Possession to Sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 90                   | Days    
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|Average arrears at
      time of Sale                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | £3,949               |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|MIG Claim
      Status                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Number               | £000's  
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|MIG Claims
      made                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 198                  | 1,394   
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|MIG Claims
      outstanding                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 0                    | 0       
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                      |         
|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 £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



Page 6 of 11

---

Holmes Financing No 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated

Contact DetailsIf you have any queries regarding this report
please contact the Securitisation Team via

|Telephone :  | +44 (1908) 343232 / 344602 / 343836
|------------ | -----------------------------------
|Facsimilie : | +44 (1908) 343019                  
|Email :      | Securitisation@Abbey.com           







Page 7 of 11

---



Holmes Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding Limited For Period 09 June 2005 to 08 July 2005

All values are in thousands of pounds sterling unless otherwise stated

|Notes                    | Deal                         | Rating
      (S&P/Moody's/Fitch | Outstanding           | Reference Rate | Margin
|------------------------ | ---------------------------- | ------------------------------- | --------------------- | -------------- | ------
|Series 2 Class
      A   | Holmes Financing
      No. 1 | AAA/Aaa/AAA                     | $975,000,000          | 3.14063%       | 0.19% 
|Series 2 Class
      A   | Holmes Financing
      No. 4 | AAA/Aaa/AAA                     | € 800,000,000         |                | 5.05% 
|Series 2 Class
      A   | Holmes Financing
      No. 7 | AAA/Aaa/AAA                     | $1,250,000,000        | 3.14063%       | 0.15% 
|Series 2 Class
      A   | Holmes Financing
      No. 8 | AAA/Aaa/AAA                     | $1,500,000,000        | 3.14063%       | 0.08% 
|Series 2 Class
      B   | Holmes Financing
      No. 1 | AA/Aa3/AA                       | $34,500,000           | 3.14063%       | 0.41% 
|Series 2 Class
      B   | Holmes Financing
      No. 4 | AA/Aa3/AA                       | € 35,800,000          | 2.13800%       | 0.40% 
|Series 2 Class
      B   | Holmes Financing
      No. 6 | AA/Aa3/AA                       | $42,000,000           | 3.14063%       | 0.41% 
|Series 2 Class
      B   | Holmes Financing
      No. 7 | AA/Aa3/AA                       | $37,500,000           | 3.14063%       | 0.35% 
|Series 2 Class
      B   | Holmes Financing
      No. 8 | AA/Aa3/AA                       | $51,000,000           | 3.14063%       | 0.17% 
|Series 2 Class
      C   | Holmes Financing
      No. 1 | BBB/Baa2/BBB                    | $45,000,000           | 3.14063%       | 1.15% 
|Series 2 Class
      C   | Holmes Financing
      No. 4 | BBB/Baa2/BBB                    | € 53,800,000          | 2.13800%       | 1.45% 
|Series 2 Class
      C   | Holmes Financing
      No. 6 | BBB/Baa2/BBB                    | $71,000,000           | 3.14063%       | 1.45% 
|Series 2 Class
      C   | Holmes Financing
      No. 7 | BBB/Baa2/BBB                    | $63,750,000           | 3.14063%       | 0.80% 
|Series 2 Class
      C   | Holmes Financing
      No. 8 | BBB/Baa2/BBB                    | $87,000,000           | 3.14063%       | 0.72% 
|Series 3 Class
      A   | Holmes Financing
      No. 2 | AAA/Aaa/AAA                     | £500,000,000          | 4.93063%       | 0.24% 
|Series 3 Class
      A   | Holmes Financing
      No. 3 | AAA/Aaa/AAA                     | € 805,000,000         | 2.13800%       | 0.24% 
|Series 3 Class
      A   | Holmes Financing
      No. 6 | AAA/Aaa/AAA                     | € 1,000,000,000       | 2.13800%       | 0.24% 
|Series 3 Class
      A   | Holmes Financing
      No. 7 | AAA/Aaa/AAA                     | $500,000,000          | 3.14063%       | 0.23% 
|Series 3 Class
      A   | Holmes Financing
      No. 8 | AAA/Aaa/AAA                     | € 990,000,000         | 2.13800%       | 0.15% 
|Series 3 Class A
      1 | Holmes Financing
      No. 5 | AAA/Aaa/AAA                     | € 600,000,000         |                | 4.25% 
|Series 3 Class A
      2 | Holmes Financing
      No. 5 | AAA/Aaa/AAA                     | £500,000,000          | 4.93063%       | 0.23% 
|Series 3 Class
      A1  | Holmes Financing
      No. 1 | AAA/Aaa/AAA                     | £375,000,000          | 4.93063%       | 0.26% 
|Series 3 Class
      A1  | Holmes Financing
      No. 4 | AAA/Aaa/AAA                     | £550,000,000          | 4.93063%       | 0.23% 
|Series 3 Class
      A2  | Holmes Financing
      No. 1 | AAA/Aaa/AAA                     | € 320,000,000         | 2.13800%       | 0.26% 
|Series 3 Class
      A2  | Holmes Financing
      No. 4 | AAA/Aaa/AAA                     | $410,000,000          | 3.14063%       | 0.23% 
|Series 3 Class
      B   | Holmes Financing
      No. 1 | AA/Aa3/AA                       | £24,000,000           | 4.93063%       | 0.45% 
|Series 3 Class
      B   | Holmes Financing
      No. 2 | AA/Aa3/AA                       | £19,000,000           | 4.93063%       | 0.45% 
|Series 3 Class
      B   | Holmes Financing
      No. 3 | AA/Aa3/AA                       | € 24,000,000          | 2.13800%       | 0.40% 
|Series 3 Class
      B   | Holmes Financing
      No. 4 | AA/Aa3/AA                       | $34,500,000           | 3.14063%       | 0.44% 
|Series 3 Class
      B   | Holmes Financing
      No. 5 | AA/Aa3/AA                       | € 53,000,000          | 2.13800%       | 0.40% 
|Series 3 Class
      B   | Holmes Financing
      No. 6 | AA/Aa3/AA                       | € 34,000,000          | 2.13800%       | 0.50% 
|Series 3 Class
      B   | Holmes Financing
      No. 7 | AA/Aa3/AA                       | £15,000,000           | 4.93063%       | 0.50% 
|Series 3 Class
      B   | Holmes Financing
      No. 8 | AA/Aa3/AA                       | € 34,000,000          | 2.13800%       | 0.27% 
|Series 3 Class
      C   | Holmes Financing
      No. 1 | BBB/Baa2/BBB                    | £30,000,000           | 4.93063%       | 1.60% 
|Series 3 Class
      C   | Holmes Financing
      No. 2 | BBB/Baa2/BBB                    | £25,000,000           | 4.93063%       | 1.50% 
|Series 3 Class
      C   | Holmes Financing No. 3       | BBB/Baa2/BBB                    | € 50,000,000          | 2.13800%       | 1.50% 
|Series 3 Class
      C   | Holmes Financing
      No. 4 | BBB/Baa2/BBB                    | $49,500,000           | 3.14063%       | 1.30% 
|Series 3 Class
      C   | Holmes Financing
      No. 5 | BBB/Baa2/BBB                    | € 76,000,000          | 2.13800%       | 1.47% 
|Series 3 Class
      C   | Holmes Financing
      No. 6 | BBB/Baa2/BBB                    | € 57,000,000          | 2.13800%       | 1.50% 
|Series 3 Class
      C   | Holmes Financing
      No. 8 | BBB/Baa2/BBB                    | € 57,500,000          | 2.13800%       | 0.85% 
|Series 3 Class
      M   | Holmes Financing
      No. 7 | A/A2/A                          | £20,000,000           | 4.93063%       | 0.80% 
|Series 4 Class
      A   | Holmes Financing
      No. 1 | AAA/Aaa/AAA                     | £250,000,000          |                | 6.62% 
|Series 4 Class
      A   | Holmes Financing
      No. 2 | AAA/Aaa/AAA                     | € 500,000,000         | 2.13800%       | 0.27% 
|Series 4 Class
      A   | Holmes Financing
      No. 4 | AAA/Aaa/AAA                     | CHF
      850,000,000 |                | 3.50% 

Page 8 of 11

---



Holmes Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08 July 2005

All values are in thousands of pounds sterling unless otherwise stated

|Series 4 Class A
      1 | Holmes Financing
      No. 6 | AAA/Aaa/AAA  | $1,000,000,000        | 3.14063% | 0.24%
|------------------------ | ---------------------------- | ------------ | --------------------- | -------- | -----
|Series 4 Class A
      1 | Holmes Financing
      No. 7 | AAA/Aaa/AAA  | € 500,000,000         | 2.13800% | 0.26%
|Series 4 Class A
      1 | Holmes Financing
      No. 8 | AAA/Aaa/AAA  | £900,000,000          | 4.93063% | 0.15%
|Series 4 Class A
      2 | Holmes Financing
      No. 6 | AAA/Aaa/AAA  | CHF
      300,000,000 |          | 2.50%
|Series 4 Class A
      2 | Holmes Financing
      No. 7 | AAA/Aaa/AAA  | £250,000,000          | 4.93063% | 0.26%
|Series 4 Class A
      2 | Holmes Financing
      No. 8 | AAA/Aaa/AAA  | $500,000,000          | 3.14063% | 0.14%
|Series 4 Class
      B   | Holmes Financing
      No. 1 | AA/Aa3/AA    | £11,000,000           | 4.93063% | 0.62%
|Series 4 Class
      B   | Holmes Financing
      No. 2 | AA/Aa3/AA    | € 21,000,000          | 2.13800% | 0.50%
|Series 4 Class
      B   | Holmes Financing
      No. 4 | AA/Aa3/AA    | £11,000,000           | 4.93063% | 0.43%
|Series 4 Class
      B   | Holmes Financing
      No. 6 | AA/Aa3/AA    | $40,000,000           | 3.14063% | 0.52%
|Series 4 Class
      B   | Holmes Financing
      No. 7 | AA/Aa3/AA    | € 41,000,000          | 2.13800% | 0.53%
|Series 4 Class
      B   | Holmes Financing
      No. 8 | AA/Aa3/AA    | £39,900,000           | 4.93063% | 0.30%
|Series 4 Class
      C   | Holmes Financing
      No. 1 | BBB/Baa2/BBB | £14,000,000           | 4.93063% | 1.75%
|Series 4 Class
      C   | Holmes Financing
      No. 2 | BBB/Baa2/BBB | € 35,000,000          | 2.13800% | 1.60%
|Series 4 Class
      C   | Holmes Financing
      No. 4 | BBB/Baa2/BBB | £19,000,000           | 4.93063% | 1.50%
|Series 4 Class
      C   | Holmes Financing
      No. 6 | BBB/Baa2/BBB | $69,000,000           | 3.14063% | 1.55%
|Series 4 Class
      C   | Holmes Financing
      No. 8 | BBB/Baa2/BBB | £68,000,000           | 4.93063% | 0.90%
|Series 4 Class
      M   | Holmes Financing
      No. 7 | A/A2/A       | € 56,000,000          | 2.13800% | 0.80%
|Series 5 Class
      A   | Holmes Financing
      No. 6 | AAA/Aaa/AAA  | £500,000,000          | 4.93063% | 0.24%
|Series 5 Class
      B   | Holmes Financing
      No. 6 | AA/Aa3/AA    | £17,000,000           | 4.93063% | 0.52%
|Series 5 Class
      C   | Holmes Financing
      No. 6 | BBB/Baa2/BBB | £29,000,000           | 4.93063% | 1.55%

Page 9 of 11

---



Holmes Financing No 2 plc Periodic Report re Holmes Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08 July 2005

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      | -       
|04Q3                            | -        | 176      | -        | 191     | -        | -        | -        | -       
|04Q4                            | -        | -        | -        | -       | 698      | -        | -        | -       
|05Q1                            | -        | -        | 750      | -       | -        | -        | -        | -       
|05Q2                            | -        | -        | -        | -       | -        | 801      | -        | 1,001   
|                                |          |          |          |         |          |          |          |         
|                                |          |          |          |         |          |          |          |         
|                                |          |          |          |         |          |          |          |         
|Outstanding
      Class A Notes |          |          |          |         |          |          |          |         
|                                |          |          |          |         |          |          |          |         
|                                |          |          |          |         |          |          |          |         
|                                |          |          |          |         |          |          |          |         
|Expected
      Redemption       | Holmes 1 | Holmes 2 | Holmes 3 | Holmes4 | Holmes 5 | Holmes 6 | Holmes 7 | Holmes 8
|                                |          |          |          |         |          |          |          |         
|05Q2                            | -        | -        | -        | -       | -        | -        | -        | -       
|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                            | -        | -        | -        | -       | -        | -        | -        | -       
|                                |          |          |          |         |          |          |          |         

Page 10 of 11

---

Holmes Financing No 2
plcPeriodic Report re Holmes
Trustees Limited and Holmes Funding LimitedFor Period 09 June 2005 to 08
July 2005

All values are in thousands of
pounds sterling unless otherwise stated






|Page 11 of
  11
|---------------

---

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 2) PLC |                       
|---------------------- | --------------------------- | ----------------------
|                       |                             |                       
|                       |                             |                       
|Dated: 25thAugust 2005 | By / s / Karen Carson       |                       
|                       |                             | (Authorised Signatory)
|                       |                             |