Exhibit
  12.1

HOLMES FINANCING (NO. 3) PLC 04154576

ABBEY NATIONAL
  HOUSE 
  2 TRITON SQUARE, REGENTS PLACELONDON NW1 3AN

|I, | Martin McDermott, certify
      that:                                                                                                                                                                                                                                                                                                                                                        
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                              
|1. | I have reviewed this
      annual report on Form 20-F, and all reports on Form 6-K containing distribution
      or servicing reports filed in respect of periods included in the year covered
      by this annual report, of HOLMES FINANCING (NO.3) PLC;                                                                                                                                  
|   |                                                                                                                                                                                                                                                                                                                                                                                              
|2. | Based on my knowledge,
      the information in these reports, taken as a whole, does not contain any
      untrue statement of a material fact or omit to state a material fact necessary
      to make the statements made, in light of the circumstances under which such
      statements were made, not misleading as of the last day of the period covered
      by this annual report;
|   |                                                                                                                                                                                                                                                                                                                                                                                              
|3. | Based on my knowledge,
      the distribution or servicing information required to be provided to the
      trustee by the servicer under the pooling and servicing, or similar, agreement,
      for inclusion in these reports is included in these reports;                                                                                                                               
|   |                                                                                                                                                                                                                                                                                                                                                                                              
|4. | Based on my knowledge
      and upon representations made to me by the servicer, and except as disclosed
      in the reports, the servicer has fulfilled its obligations under the servicing
      agreement; and                                                                                                                                                                           
|   |                                                                                                                                                                                                                                                                                                                                                                                              
|5. | The reports disclose
      all significant deficiencies relating to the servicer's compliance with
      the minimum servicing standards based upon representations made to me by
      the servicer.                                                                                                                                                                                        

In giving the certifications
  above, I have reasonably relied on information provided to me by the following
  unaffiliated parties: Abbey National plc.

|      |  |                     |  |                           
|----- |  | ------------------- |  | --------------------------
|Date: |  | June 30,
      2005 |  | /s/
      Martin McDermott
|      |  |                     |  | Martin McDermott          
|      |  |                     |  | Director                  

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