**Exhibit  12.1**

**HOLMES FINANCING (NO. 5) PLC****04258785**

**ABBEY NATIONAL HOUSE   2 TRITON SQUARE, REGENTS PLACE****LONDON 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, ofHOLMES FINANCING (NO.5) PLC;                                                                                                                                  |
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| 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; |
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| 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 reportsis included in these reports;                                                                                                                               |
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| 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                                                                                                                                                                              |
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| 5.     | The reports disclose all significant deficiencies        relating to the servicer's compliance with the minimum servicing standards        basedupon 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                                                                                                            |   |   |   |   |
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/s/ Martin McDermottMartin McDermott Director |