**Exhibit  12.1**

**HOLMES  FINANCING (NO.1) PLC   03946294**

**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, of HOLMES FINANCING (NO.1) 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 reports is 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 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  |
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|   |               | Martin McDermott           |
|   |               | Director                   |

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