FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of ~~January~~June 2005,

PERMANENT FINANCING (NO. 1) PLC

(Translation of registrant’s name into English)

~~Blackwell~~35 Great ~~House,~~St. ~~Guildhall Yard~~Helens, London ~~EC2V~~EC3A ~~5AE~~6AP, United Kingdom

(Address of principal executive offices)

PERMANENT FUNDING (NO. 1) LIMITED

(Translation of registrant’s name into English)

~~Blackwell~~35 Great ~~House,~~St. ~~Guildhall Yard~~Helens, London ~~EC2V~~EC3A ~~5AE~~6AP, United Kingdom

(Address of principal executive offices)

PERMANENT MORTGAGES TRUSTEE LIMITED

(Translation of registrant’s name into English)

47 Esplanade, St. Helier, Jersey JE1 0BD, Channel Islands

(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 ý Form 40-F o

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 o No ý

Permanent Mortgages Trustees Limited

Quarter

126/10/~~2004~~2005

3/9/12/2005

Monthly Report

~~January~~June 2005

Date of Report

2/7/11/2005

Mortgages
Number of Mortgages in Pool	598,273		~~484,817~~
Current Principal Balance	£	42,595,954,149	£	~~31,017,115,615~~
Opening Trust Assets	£	100	£	~~100~~
Total	£	42,595,954,249	£	~~31,017,115,715~~
Notes Outstanding	£	31,243,301,560	£	~~24,746,505,291~~
Funding Share	£	28,694,425,226	£	~~22,950,309,199~~
Cash Accumulation Balance	£	2,548,795,608	£	~~1,796,196,093~~
Funding Share Percentage	67.36502		~~73.99240~~%		%
Seller Share	£	13,901,528,923	£	~~8,066,806,416~~
Seller Share Percentage	32.63498		~~26.00760~~%		%
Minimum Seller Share (Amount)	£	2,130,313,148	£	~~1,550,855,781~~
Minimum Seller Share (% of Total)	5.00121		~~5.00000~~%		%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	~~477~~586,~~568~~968	£	3041,~~481~~655,~~496~~129,~~528~~283.6358	£	2,~~646~~434,~~334~~759.7885	9897.2779	%
1 - < 2 months	47,~~605~~501	£	~~348~~639,~~535~~078,~~741~~527.3938	£	24,~~540~~348,~~866~~389.5898	1.1250	%
2 - < 3 months	1,~~103~~575	£	83131,~~436~~743,~~139~~915.9082	£	1,~~195~~824,~~044~~264.7253	0.2731	%
3 - < 6 months	1,~~043~~456	£	71113,~~364~~005,~~353~~032.9122	£	12,~~779~~819,~~123~~734.4599	0.2327	%
6 - < 12 months	~~428~~652	£	2849,~~598~~559,~~620~~500.2163	£	12,~~414~~394,~~884~~995.2006	0.0912	%
12 months +	70121	£	37,~~684~~437,~~230~~889.6344	£	~~311~~662,~~853~~684.5373	0.0102	%
Total	~~484~~598,~~817~~273	£	3142,~~017~~595,~~115~~954,~~614~~149.6707	£	914,~~888~~484,~~107~~829.2614	100.00	%

Properties in Possession		Number		Balance			Amount in Arrears
Total		2029		£	12,~~669~~832,~~763~~350.4557		£	~~104~~197,~~478~~349.6286

Properties in Possession (this month)
Number Brought Forward	21		14
Repossessed	9		8
Sold	1		2
Number Carried Forward	29		20
Average Time from Possession to Sale in days	223		66
Average Arrears at Sale	£	16,821.56	£	~~5,927.34~~
MIG Claims submitted	0		0
MIG Claims Outstanding	0		0
Average Time from Claim to Payment in days	0		0

Note : The arrears analysis and repossession information is as at the end of the report month The number carried forward is reduced by two properties relinquished back to customers.

Substitution	Number	~~Number~~Principal		~~Principal~~
Substituted this period (this month)	0	0£	—	£	—
Substituted to date (since 14/06/2002)*		203,962		£	14,162,131,295.91
Substituted to date (since 06/14/2002)*	203,962	£	14,162,131,295.91

* On ~~18th~~June ~~November 2004~~22nd, 2005, Permanent 68 closed. The Permanent Trust was topped-up by ~~104~~101,~~569~~317 accounts (to value: £9,~~582~~483,~~315~~670,~~929~~772.5845). These are not included above.

CPR Analysis	Monthly		~~Monthly~~Annualised		~~Annualised~~
(includes redemptions and repurchases)
Current 1 Month CPR Rate	2.88	%	229.7458	%	~~28.39~~	%
Previous 3 Month CPR Rate	2.73	%	328.1328	%	~~31.74~~	%
Previous 12 Month CPR Rate	3.26	%	332.7180	%	~~36.51~~	%

Note: The annualised CPRs are expressed as a percentage of the outstanding balance at the beginning of the report month.

Weighted Average Seasoning in Months (by value)	30.15		~~34.06~~
Average Loan Size	£	71,198.19	£	~~63,976.96~~
Weighted Average Current HPI LTV (by value)	52.38		~~47.32~~%		%
Weighted Average Current LTV (by value)	63.50		~~64.68~~%		%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month	0.551		~~0.675~~%		%
Excess Spread
Current Month	0.244		~~0.396~~%		%
December 2004			0.395		%
May 2005	0.300		%
November 2004			0.463		%
April 2005	0.362		%
Product Breakdown
Fixed Rate %	37.44		%
Tracker Rate %	49.97		%
Other Variable Rate %	12.59		%

Product Breakdown
Fixed Rate %	29.10	%
Tracker Rate %	50.82	%
Other Variable Rate %	20.08	%

LTV Levels Breakdown*	Number	Value		% of Total
LTV Levels Breakdown *	Number	Value		% of Total
0 - 30%	82104,~~730~~441	£	2,~~083~~966,~~017~~750,~~411~~536.7037	6.7296	%
30 - 35%	2128,~~100~~260	£	~~958~~1,436,406,~~213~~281.2688	3.0937	%
35 - 40%	2331,~~276~~127	£	1,~~197~~767,~~257~~174,~~145~~177.7417	34.8615	%
40 - 45%	2533,~~370~~453	£	12,~~430~~098,~~673~~829,~~070~~199.9427	4.6193	%
45 - 50%	2737,~~687~~173	£	12,~~708~~561,~~034~~949,~~020~~609.3980	56.5101	%
50 - 55%	2938,~~621~~369	£	12,~~989~~863,~~519~~403,~~381~~222.5307	6.4172	%
55 - 60%	3040,~~949~~258	£	23,~~253~~277,~~500~~958,~~741~~434.3673	7.2770	%
60 - 65%	3241,~~420~~669	£	23,~~502~~586,~~721~~041,~~064~~082.1843	8.0742	%
65 - 70%	3544,~~225~~626	£	24,~~909~~096,~~823~~192,~~765~~848.9508	9.3862	%
70 - 75%	4051,~~463~~968	£	35,~~763~~429,~~193~~500,~~404~~041.3829	12.1375	%
75 - 80%	2932,~~040~~254	£	2,~~371~~901,~~933~~793,~~165~~068.5525	76.6581	%
80 - 85%	2930,~~028~~369	£	2,~~076~~427,~~079~~297,~~464~~245.2065	65.6970	%
85 - 90%	3135,~~583~~440	£	23,~~384~~085,~~355~~451,~~677~~748.7461	7.6924	%
90 - 95%	28,~~661~~762	£	2,~~038~~307,~~787~~940,~~650~~496.5697	65.5742	%
95 - 100%	1619,~~482~~490	£	1,~~267~~744,~~139~~638,~~286~~599.6741	4.0910	%
100% +	~~1,182~~614	£	8244,~~674~~627,~~150~~557.5209	0.2710	%
Totals	~~484~~598,~~817~~273	£	3142,~~017~~595,~~115~~954,~~614~~149.6707	100.00	%

* Using Latest Valuation

HPI LTV Levels Breakdown**	Number	Value		% of Total
HPI LTV Levels Breakdown **	Number	Value		% of Total
0 - 30%	~~171~~185,~~517~~180	£	56,~~858~~316,~~002~~471,~~581~~932.3415	1814.8983	%
30 - 35%	4650,~~513~~474	£	2,~~590~~846,~~072~~805,~~628~~365.2504	86.3568	%
35 - 40%	5053,~~551~~982	£	3,~~084~~355,~~864~~278,~~167~~080.7508	97.9588	%
40 - 45%	4551,~~770~~141	£	3,~~073~~551,~~441~~028,~~870~~316.6843	98.9134	%
45 - 50%	3744,~~737~~803	£	23,~~898~~567,~~366~~063,~~659~~269.7922	98.3437	%
50 - 55%	3140,~~130~~546	£	23,~~697~~579,~~712~~699,~~800~~731.8571	8.7040	%
55 - 60%	2837,~~000~~531	£	23,~~623~~634,~~079~~836,~~001~~946.0248	8.4653	%
60 - 65%	2333,~~735~~506	£	23,~~439~~549,~~063~~943,~~552~~665.8145	78.8633	%
65 - 70%	1728,~~822~~918	£	23,~~027~~363,~~355~~773,~~008~~698.1647	67.5490	%
70 - 75%	1123,~~624~~792	£	12,~~278~~842,~~599~~595,~~014~~819.5934	46.1267	%
75 - 80%	716,~~943~~124	£	~~906~~1,~~498~~964,~~116~~590,375.2251	24.9261	%
80 - 85%	611,~~291~~105	£	~~740~~1,~~083~~346,~~123~~501,505.7133	23.3916	%
85 - 90%	39,~~993~~728	£	~~521~~1,~~208~~219,~~900~~179,562.3327	12.6886	%
90 - 95%	16,~~728~~547	£	~~221~~850,~~281~~261,~~062~~487.5766	02.7100	%
95 - 100%	~~452~~4,519	£	56554,~~071~~570,~~943~~416.2769	01.1830	%
100% +	11377	£	153,~~415~~353,~~183~~977.3324	0.0013	%
Totals	~~484~~598,~~817~~273	£	3142,~~017~~595,~~115~~954,~~614~~149.6707	100.00	%

** Using Latest Valuation Adjusted for changes in the HPI index

Current HVR1 Rate	6.75%	~~6.75%~~
Effective Date of Change	9/1/2004	~~01/09/2004~~
Current HVR2 Rate	6.00%	~~6.00%~~
Effective Date of Change	9/1/2004	~~01/09/2004~~

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.46	P-1 / A-1+ / F1+	$	1,~~500~~000,000,000.00	23.~~42000~~19000	%	-0.~~050~~030	%
Series 1 Class A	Permanent Financing No.57	P-1 / A-1+ / F1+	$	1,~~250~~000,000,000.00	23.~~42000~~19000	%	-0.~~020~~040	%
Series 1 Class A	Permanent Financing No.68	P-1 / A-1+ / F1+	$	1,~~000~~400,000,000.00	23.~~42000~~24133	%	-0.~~030~~040	%
Series 1 Class B	Permanent Financing No.46	Aa3 / AA / AA	$	7835,~~100~~800,000.00	23.~~46000~~37938	%	0.~~140~~100	%
Series 1 Class B	Permanent Financing No.57	Aa3 / AA / AA	$	5343,~~000~~400,000.00	23.~~46000~~37938	%	0.~~140~~090	%
Series 1 Class B	Permanent Financing No.68	Aa3 / AA / AA	$	3572,~~800~~700,000.00	23.~~46000~~41754	%	0.100	%
Series 1 Class M	Permanent Financing No.4	A2/A/A	$	56,500,000.00	2.46000	%	0.230	%
Series 1 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	3.37938	%	0.350	%
Series 1 Class C	Permanent Financing No.57	Baa2 / BBB / BBB	$	4442,~~400~~200,000.00	23.~~46000~~37938	%	0.~~500~~280	%
Series 1 Class C	Permanent Financing No.68	Baa2 / BBB / BBB	$	3482,~~700~~900,000.00	23.~~46000~~41754	%	0.~~350~~330	%
Series 2 Class A	Permanent Financing No.12	Aaa / AAA / AAA	$	1,750,000,000.00	3.37938	%	40.~~200~~150	%
Series 2 Class A	Permanent Financing No.23	Aaa / AAA / AAA	$	1,~~750~~700,000,000.00	23.~~46000~~37938	%	0.~~150~~110	%
Series 2 Class A	Permanent Financing No.34	Aaa / AAA / AAA	$	12,~~700~~400,000,000.00	23.~~46000~~37938	%	0.~~110~~070	%
Series 2 Class A	Permanent Financing No.45	Aaa / AAA / AAA	$	21,~~400~~300,000,000.00	23.~~46000~~37938	%	0.~~070~~110	%
Series 2 Class A	Permanent Financing No.56	Aaa / AAA / AAA	$	1,~~300~~000,000,000.00	23.~~46000~~37938	%	0.~~110~~090	%
Series 2 Class A	Permanent Financing No.67	Aaa / AAA / AAA	$	1,~~000~~400,000,000.00	23.~~46000~~37938	%	0.~~090~~040	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	2.46000	%	0.280	%
Series 2 Class A	Permanent Financing No.8	Aaa / AAA / AAA	$	1,400,000,000.00	3.41754	%	0.070	%
Series 2 Class B	Permanent Financing No.21	Aa3 / AA / AA	$	6126,000,000.00	23.~~46000~~37938	%	0.~~330~~280	%
Series 2 Class B	Permanent Financing No.32	Aa3 / AA / AA	$	5961,000,000.00	23.~~46000~~37938	%	0.~~250~~330	%
Series 2 Class B	Permanent Financing No.43	Aa3 / AA / AA	$	~~100~~59,~~700~~000,000.00	23.~~46000~~37938	%	0.~~180~~250	%
Series 2 Class B	Permanent Financing No.54	Aa3 / AA / AA	$	56100,~~400~~700,000.00	23.~~46000~~37938	%	0.180	%
Series 2 Class B	Permanent Financing No.65	Aa3 / AA / AA	$	3556,~~800~~400,000.00	23.~~46000~~37938	%	0.~~140~~180	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	2.46000	%	0.330	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	3.37938	%	0.140	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
Series 2 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	60,700,000.00	3.37938	%	0.110	%
Series 2 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	$	61,000,000.00	2.46000	%	1.450	%
Series 2 Class B	Permanent Financing No.8	Aa3 / AA / AA	$	69,800,000.00	3.41754	%	0.150	%
Series 2 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	59,000,000.00	2.46000	%	1.050	%
Series 2 Class M	Permanent Financing No.4	A2/A/A	$	59,900,000.00	3.37938	%	0.330	%
Series 2 Class C	Permanent Financing No.41	Baa2 / BBB / BBB	$	8226,~~200~~000,000.00	23.~~46000~~37938	%	01.~~720~~180	%
Series 2 Class C	Permanent Financing No.52	Baa2 / BBB / BBB	$	4661,~~200~~000,000.00	23.~~46000~~37938	%	01.~~650~~450	%
Series 2 Class C	Permanent Financing No.63	Baa2 / BBB / BBB	$	3459,~~700~~000,000.00	23.~~46000~~37938	%	01.~~450~~050	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	2.46000	%	0.125	%
Series 2 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	82,200,000.00	3.37938	%	0.720	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.17000	%	0.230	%
Series 2 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	46,200,000.00	3.37938	%	0.650	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	2.46000	%	0.180	%
Series 2 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	$	34,700,000.00	3.37938	%	0.450	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	2.46000	%	0.140	%
Series 2 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	$	59,200,000.00	3.37938	%	0.330	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	2.46000	%	0.160	%
Series 2 Class C	Permanent Financing No.8	Baa2 / BBB / BBB	$	82,900,000.00	3.41754	%	0.400	%
Series 3 Class A	Permanent Financing No.1	Aaa / AAA / AAA	$	1,100,000,000.00	3.37938	%	0.125	%
Series 3 Class A	Permanent Financing No.2	Aaa / AAA / AAA	€	1,250,000,000.00	2.11300	%	0.230	%
Series 3 Class A	Permanent Financing No.3	Aaa / AAA / AAA	$	1,500,000,000.00	3.37938	%	0.180	%
Series 3 Class A	Permanent Financing No.4	Aaa / AAA / AAA	$	1,700,000,000.00	3.37938	%	0.140	%
Series 3 Class A	Permanent Financing No.5	Aaa / AAA / AAA	$	750,000,000.00	3.37938	%	0.160	%
Series 3 Class A	Permanent Financing No.6	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.125	%
Series 3 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	38,500,000.00	2.46000	%	0.300	%
Series 3 Class A	Permanent Financing No.7	Aaa / AAA / AAA	€	1,700,000,000.00	2.11300	%	0.070	%
Series 3 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	43,500,000.00	2.17000	%	0.430	%
Series 3 Class A	Permanent Financing No.8	Aaa / AAA / AAA	$	1,000,000,000.00	3.41754	%	0.120	%
Series 3 Class B	Permanent Financing No.31	Aa3 / AA / AA	$	5238,~~000~~500,000.00	23.~~46000~~37938	%	0.~~350~~300	%
Series 3 Class B	Permanent Financing No.42	Aa3 / AA / AA	$€	7543,~~800~~500,000.00	2.~~46000~~11300	%	0.~~230~~430	%
Series 3 Class B	Permanent Financing No.53	Aa3 / AA / AA	$	3252,~~500~~000,000.00	23.~~46000~~37938	%	0.~~260~~350	%
Series 3 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	75,800,000.00	3.37938	%	0.230	%
Series 3 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	32,500,000.00	3.37938	%	0.260	%
Series 3 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	35,300,000.00	4.86000	%	0.230	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	2.46000	%	0.370	%
Series 3 Class B	Permanent Financing No.7	Aa3 / AA / AA	€	73,700,000.00	2.11300	%	0.120	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	2.46000	%	1.200	%
Series 3 Class B	Permanent Financing No.8	Aa3 / AA / AA	$	52,000,000.00	3.41754	%	0.200	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.17000	%	1.450	%
Series 3 Class M	Permanent Financing No.4	A2/A/A	$	40,400,000.00	3.37938	%	0.370	%
Series 3 Class C	Permanent Financing No.31	Baa2 / BBB / BBB	$	5238,~~000~~500,000.00	23.~~46000~~37938	%	1.~~150~~200	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	2.46000	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	2.46000	%	0.820	%
Series 3 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	34,200,000.00	4.86000	%	0.680	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA	€	750,000,000.00			5.100	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA	€	700,000,000.00	2.17000	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	2.46000	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.17000	%	0.150	%

Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA	€	1,000,000,000.00	2.17000	%	0.170	%
Series 3 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	43,500,000.00	2.11300	%	1.450	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA	€	750,000,000.00	2.17000	%	0.140	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	3.37938	%	1.150	%
Series 3 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	$	55,400,000.00	3.37938	%	0.800	%
Series 3 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	$	27,000,000.00	3.37938	%	0.820	%
Series 3 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	34,200,000.00	4.86000	%	0.680	%
Series 3 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	€	71,800,000.00	2.11300	%	0.430	%
Series 3 Class C	Permanent Financing No.8	Baa2 / BBB / BBB	$	40,400,000.00	3.41754	%	0.520	%
Series 4 Class A1	Permanent Financing No.1	Aaa / AAA / AAA	€	750,000,000.00			5.100	%
Series 4 Class A1	Permanent Financing No.3	Aaa / AAA / AAA	€	700,000,000.00	2.11300	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	3.37938	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.11300	%	0.150	%
Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA	€	1,000,000,000.00	2.11300	%	0.170	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA	€	750,000,000.00	2.11300	%	0.140	%
Series 4 Class A	Permanent Financing No.7	Aaa / AAA / AAA	£	850,000,000.00	4.86000	%	0.080	%
Series 4 Class A	Permanent Financing No.8	Aaa / AAA / AAA	€	1,000,000,000.00	2.11300	%	0.130	%
Series 4 Class A2	Permanent Financing No.1	Aaa / AAA / AAA	£	1,000,000,000.00	4.86000	%	0.180	%
Series 4 Class A2	Permanent Financing No.3	Aaa / AAA / AAA	£	750,000,000.00	4.86000	%	0.190	%
Series 4 Class B	Permanent Financing No.1	Aa3 / AA / AA	£	52,000,000.00	4.86000	%	0.300	%
Series 4 Class B	Permanent Financing No.2	Aa3 / AA / AA	€	56,500,000.00	2.~~17000~~11300	%	0.450	%
Series 4 Class B	Permanent Financing No.3	Aa3 / AA / AA	€	62,000,000.00	2.~~17000~~11300	%	0.390	%
Series 4 Class B	Permanent Financing No.4	Aa3 / AA / AA	€	85,000,000.00	2.~~17000~~11300	%	0.352	%
Series 4 Class B	Permanent Financing No.5	Aa3 / AA / AA	€	43,500,000.00	2.~~17000~~11300	%	0.330	%
Series 4 Class B	Permanent Financing No.6	Aa3 / AA / AA	€	26,100,000.00	2.~~17000~~11300	%	0.230	%
Series 4 Class M	Permanent Financing No.4	A2/A/A	€	62,500,000.00	2.17000	%	0.534	%
Series 4 Class B	Permanent Financing No.7	Aa3 / AA / AA	£	36,800,000.00	4.86000	%	0.130	%
Series 4 Class B	Permanent Financing No.8	Aa3 / AA / AA	€	47,200,000.00	2.11300	%	0.200	%
Series 4 Class M	Permanent Financing No.4	A2/A/A	€	62,500,000.00	2.11300	%	0.534	%
Series 4 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	£	52,000,000.00	4.86000	%	1.200	%
Series 4 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	€	56,500,000.00	2.~~17000~~11300	%	1.450	%
Series 4 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	62,000,000.00	2.~~17000~~11300	%	1.180	%
Series 4 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	€	36,000,000.00	2.~~17000~~11300	%	0.780	%
Series 4 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	€	25,300,000.00	2.~~17000~~11300	%	0.680	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA	€	750,000,000.00			3.9615	%
Series 4 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	£	35,900,000.00	4.86000	%	0.450	%
Series 4 Class C	Permanent Financing No.8	Baa2 / BBB / BBB	€	65,700,000.00	2.11300	%	0.520	%
Series 5 Class A1	Permanent Financing No.4	Aaa / AAA / AAA	€	750,000,000.00			3.962	%
Series 5 Class A1	Permanent Financing No.5	Aaa / AAA / AAA	£	500,000,000.00			5.625	%
Series 5 Class A1	Permanent Financing No.6	Aaa / AAA / AAA	£	500,000,000.00	4.86000	%	0.150	%
Series 5 Class A1	Permanent Financing No.8	Aaa / AAA / AAA	£	400,000,000.00	4.82924	%	0.150	%
Series 5 Class A	Permanent Financing No.2	Aaa / AAA / AAA	£	750,000,000.00	4.86000	%	0.250	%
Series 5 Class A	Permanent Financing No.3	Aaa / AAA / AAA	£	400,000,000.00			5.521	%
Series 5 Class A	Permanent Financing No.7	Aaa / AAA / AAA	£	500,000,000.00	4.86000	%	0.100	%
Series 5 Class A2	Permanent Financing No.4	Aaa / AAA / AAA	£	1,100,000,000.00	4.86000	%	0.170	%
Series 5 Class A2	Permanent Financing No.5	Aaa / AAA / AAA	£	750,000,000.00	4.86000	%	0.190	%
Series 5 Class A2	Permanent Financing No.6	Aaa / AAA / AAA	£	500,000,000.00	4.86000	%	0.160	%
Series 5 Class A2	Permanent Financing No.8	Aaa / AAA / AAA	£	600,000,000.00	4.82924	%	0.150	%
Series 5 Class A3	Permanent Financing No.8	Aaa / AAA / AAA	£	500,000,000.00	4.82924	%	0.150	%
Series 5 Class B	Permanent Financing No.2	Aa3 / AA / AA	£	26,000,000.00	4.86000	%	0.450	%
Series 5 Class B	Permanent Financing No.3	Aa3 / AA / AA	€	20,000,000.00	2.~~17000~~11300	%	0.450	%
Series 5 Class B	Permanent Financing No.4	Aa3 / AA / AA	£	43,000,000.00	4.86000	%	0.330	%
Series 5 Class B	Permanent Financing No.5	Aa3 / AA / AA	£	47,000,000.00	4.86000	%	0.350	%
Series 5 Class B	Permanent Financing No.6	Aa3 / AA / AA	£	34,800,000.00	4.86000	%	0.310	%
Series 5 Class M	Permanent Financing No.4	A2/A/A	£	32,000,000.00	4.86000	%	0.500	%
Series 5 Class C	Permanent Financing No.2	Baa2 / BBB / BBB	£	26,000,000.00	4.86000	%	1.450	%
Series 5 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	€	20,000,000.00	2.~~17000~~11300	%	1.230	%
Series 5 Class C	Permanent Financing No.4	Baa2 / BBB / BBB	£	54,000,000.00	4.86000	%	0.900	%
Series 5 Class C	Permanent Financing No.5	Baa2 / BBB / BBB	£	39,000,000.00	4.86000	%	0.850	%
Series 5 Class C	Permanent Financing No.6	Baa2 / BBB / BBB	£	33,700,000.00	4.86000	%	0.800	%

Funding level Reserve Fund requirement	£	~~460~~525,000,000.00
Balance brought forward	£	~~322~~415,~~353~~815,~~475~~247.3379
Drawings this period	£	—
Top-up this period*	£	—41,919,577.57
Current Balance	£	~~322~~457,~~353~~734,~~475~~825.3336
Liquidity Facility Original Amount	£	150,000,000.00
Balance brought forward	£	150,000,000.00
Drawings this period	£	—
Liquidity Repaid this period	£	—
Closing balance for period	£	150,000,000.00

*Top-ups only occur at the end of each quarter.

Trigger Events:

Non-asset trigger events:

If the Seller suffers an Insolvency Event.

If the role of the Seller as Servicer is terminated and a new servicer is not appointed within 60 days.

If the current Seller’s Share at any time is equal to or less than the Minimum Seller Share.

If the outstanding principal balance of the trust property is less than £2731,000,000,000 to ~~9th~~ September ~~2005~~9th, 2009.

Asset trigger events:

If there has been a debit to the AAA Principal Deficiency Sub-Ledger.

No Trigger Events have Occurred

Funding Seller Share Ledger

Month	Pool Balance		Funding Share		Seller Share		Funding		Seller
January 2005	£	31,889,122,237.87	£	22,950,309,198.54	£	8,938,813,039.33	71.96908	%	28.03092	%
June 2005	£	34,079,420,797.41	£	25,061,270,598.07	£	9,018,150,199.34	73.53944	%	26.46056	%
December 2004	£	32,877,011,570.71	£	23,942,646,291.41	£	8,934,365,279.30	72.82489	%	27.17511	%
May 2005	£	35,001,466,949.99	£	25,061,270,751.17	£	9,940,196,198.82	71.60127	%	28.39873	%
November 2004	£	24,057,931,158.53	£	20,089,629,291.41	£	3,968,301,867.12	83.50522	%	16.49478	%
April 2005	£	35,954,037,725.33	£	25,887,864,869.54	£	10,066,172,855.79	72.00300	%	27.99700	%
Principal Ledger
Month	Principal Received		Further Advances		Sub Total
January 2005	£	672,889,933.09	£	202,111,760.15	£	875,001,693.24
December 2004	£	738,663,884.46	£	253,673,208.41	£	992,337,092.87
November 2004	£	692,434,099.17	£	181,604,366.89	£	874,038,466.06
	£	2,103,987,916.72	£	637,389,335.45	£	2,741,377,252.17

Principal Ledger

Month	Principal Received		Further Advances		Sub Total
June 2005	£	692,417,198.26	£	289,236,542.33	£	981,653,740.59
May 2005	£	622,019,672.81	£	306,031,157.78	£	928,050,830.59
April 2005	£	625,900,085.41	£	331,551,781.06	£	957,451,866.47
	£	1,940,336,956.48	£	926,819,481.17	£	2,867,156,437.65

Principal Distribution
Month	Funding		Seller
January 2005	£	257,147,638.13	£	617,854,055.11
December 2004	£	992,337,092.87	£	—
November 2004	£	—	£	874,038,466.06
	£	1,249,484,731.00	£	1,491,892,521.17

Principal Distribution

Revenue Ledger
Month	Funding		Seller
Month	Revenue Received		GIC Interest		Authorised Investment Income		Sub Total
June 2005	£	899,068,608.00	£	82,585,132.59
January 2005	£	139,450,633.50	£	2,976,768.03	£	—	£	142,427,401.53
May 2005	£	—	£	928,050,830.59
December 2004	£	142,106,010.71	£	2,851,352.00	£	—	£	144,957,362.71
April 2005	£	826,580,309.54	£	130,871,556.93
November 2004	£	122,097,711.54	£	2,157,959.12	£	—	£	124,255,670.66
	£	1,725,648,917.54	£	1,141,507,520.11
	£	403,654,355.75	£	7,986,079.15	£	—	£	411,640,434.90

Paid to
Month	Mortgage Trustee		Administrator		Available Revenue
January 2005	£	150.00	£	1,371,991.11	£	141,055,260.42
December 2004	£	—	£	1,371,991.11	£	143,585,371.60
November 2004	£	2,783.35	£	454,252.31	£	123,798,635.00
	£	2,933.35	£	3,198,234.53	£	408,439,267.02

Revenue Ledger

Revenue Distribution
Month	Revenue Received			GIC Interest			Authorised Investment Income			Sub Total
Month	Funding			Seller
June 2005	£	154,585,518.38		£	2,064,042.08		£	—		£	156,649,560.46
January 2005	£	102,885,981.26		£	38,164,453.38
May 2005	£	151,187,779.96		£	3,208,729.65		£	—		£	154,396,509.61
December 2004	£	105,977,905.31		£	37,607,466.29
April 2005	£	151,362,464.76		£	2,555,426.00		£	—		£	153,917,890.76
November 2004	£	104,055,684.55		£	19,742,950.45
	£	457,135,763.10		£	7,828,197.73		£	—		£	464,963,960.83
	£	312,919,571.12		£	95,514,870.12
Losses Ledger
Month	Losses
Balance b/fwd	£	8,096.21
January 2005	£	10,515.68
December 2004	£	—
November 2004	£	3,245.80
Closing Balance	£	18,611.89
Losses Distribution
Month	Funding			Seller			Reconciliation
January 2005	£	7,670.73		£	2,844.95		£	—
December 2004	£	—		£	—		£	—
November 2004	£	2,359.81		£	885.99		£	—
	£	10,030.54		£	3,730.94		£	—
CPR Analysis
Month	1 Month CPR			3 Month CPR			12 Month CPR
January 2005	2.74		%	3.13		%	3.71		%
December 2004	3.02		%	3.33		%	3.81		%
November 2004	3.63		%	3.70		%	3.97		%
Regional Analysis
Halifax Mapped Region	Number			Value			% of Total
London & South East	96,327			£	9,330,588,172.36		30.08		%
Midlands & East Anglia	106,089			£	6,816,090,739.38		21.98		%
North	91,058			£	4,204,734,808.61		13.56		%
North West	72,641			£	3,620,861,235.52		11.67		%
South Wales & West	69,557			£	4,556,109,408.39		14.69		%
Scotland	44,366			£	2,139,413,980.54		6.90		%
Unknown	4,779			£	349,317,269.87		1.13		%
Totals	484,817			£	31,017,115,614.67		100.00		%

Paid to

Month	Mortgage Trustee		Administrator		Available Revenue
June 2005	£	—	£	1,378,008.90	£	155,271,551.56
May 2005	£	1,595.67	£	1,272,051.92	£	153,122,862.02
April 2005	£	123.71	£	1,231,017.99	£	152,686,749.06
	£	1,719.38	£	3,881,078.81	£	461,081,162.64

Revenue Distribution

Month	Funding		Seller
June 2005	£	107,284,492.53	£	47,987,059.03
May 2005	£	111,228,048.83	£	41,894,813.19
April 2005	£	111,546,518.89	£	41,140,230.17
	£	330,059,060.25	£	131,022,102.39

Losses Ledger

Month	Losses
Balance b/fwd at 05/31/2005	£	87,628.86

June 2005	£	99,344.37
May 2005	£	213.82
April 2005	£	19,178.13

Closing Balance	£	186,973.23

Losses Distribution

Month	Funding		Seller		Reconciliation
June 2005	£	66,764.39	£	32,579.98	£	—
May 2005	£	153.10	£	60.72	£	—
April 2005	£	13,808.83	£	5,369.30	£	—
	£	80,726.32	£	38,010.00	£	—

CPR Analysis

Month	1 Month CPR		3 Month CPR		12 Month CPR
June 2005	2.88	%	2.73	%	3.26	%
May 2005	2.65	%	2.74	%	3.31	%
April 2005	2.66	%	2.73	%	3.39	%

Regional Analysis

Halifax Mapped Region	Number	Value		% of Total
London & South East	120,391	£	12,851,868,414.18	30.17	%
Midlands & East Anglia	131,415	£	9,446,692,312.98	22.18	%
North	109,601	£	5,684,725,077.27	13.35	%
North West	87,489	£	4,886,142,988.72	11.47	%
South Wales & West	85,924	£	6,299,799,956.41	14.79	%
Scotland	57,804	£	3,000,956,546.96	7.05	%
Unknown	5,649	£	425,768,852.55	1.00	%
Totals	598,273	£	42,595,954,149.07	100.00	%

Contact Details - If you have any queries regarding this report please contact:-

Tracey Hill

LP/3/3/SEC

Trinity Road

Halifax

HX1 2RG

Tel: +44 (0) 113 235 2176

Fax: +44 (0) 113 235 7511

e-mail: traceyhill@halifax.co.uk

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

	~~PERMANENT FINANCING (NO. 1) PLC~~	PERMANENT FINANCING (NO. 1) PLC
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 20th July 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director
	~~PERMANENT FUNDING (NO. 1) LIMITED~~	PERMANENT FUNDING (NO. 1) LIMITED
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 20th July 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director
	~~PERMANENT MORTGAGES TRUSTEE LIMITED~~	PERMANENT MORTGAGES TRUSTEE LIMITED
	~~(Registrant)~~	(Registrant)
Date 8th February 2005	/s/David Balai
Date 20th July 2005		/s/David Balai
	~~By: David Balai~~	By: David Balai
	~~Title: Director~~	Title: Director

Filing Compare · PERMANENT FINANCING NO 1 PLC