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 ~~May~~ June 2005,

PERMANENT FINANCING (NO. 7) PLC

(Translation of registrant’s name into English)

35 Great St. Helens, London EC3A 6AP, United Kingdom

(Address of principal executive offices)

PERMANENT FUNDING (NO. 1) LIMITED

(Translation of registrant’s name into English)

35 Great St. Helens, London EC3A 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

36/10/2005

69/1012/2005

Monthly Report

~~May~~June 2005

Date of Report

67/611/2005

Mortgages
Number of Mortgages in Pool	~~509~~598,~~890~~273
Current Principal Balance	£	3442,~~079~~595,~~420~~954,~~797~~149
Opening Trust Assets	£	100
Total	£	3442,~~079~~595,~~420~~954,~~897~~249
Notes Outstanding	£	2731,~~940~~243,~~392~~301,~~291~~560
Funding Share	£	2528,~~061~~694,~~270~~425,~~598~~226
Cash Accumulation Balance	£	2,~~879~~548,~~107~~795,~~731~~608
Funding Share Percentage	7367.~~53944~~36502		%
Seller Share	£	913,~~018~~901,~~150~~528,~~199~~923
Seller Share Percentage	2632.~~46056~~63498		%
Minimum Seller Share (Amount)	£	12,~~704~~130,~~708~~313,~~827~~148
Minimum Seller Share (% of Total)	5.~~00216~~00121		%

Arrears Analysis	Number	Principal		Arrears		% by Principal
Less than 1 month	~~500~~586,~~359~~968	£	3341,~~327~~655,~~747~~129,~~761~~283.0558	£	12,~~973~~434,~~978~~759.7585	97.79	%
1 - < 2 months	57,~~960~~501	£	~~479~~639,~~011~~078,~~573~~527.3138	£	34,~~389~~348,~~217~~389.8698	1.4150	%
2 - < 3 months	1,~~460~~575	£	~~112~~131,~~894~~743,~~024~~915.1182	£	1,~~606~~824,~~832~~264.3153	0.3331	%
3 - < 6 months	1,~~393~~456	£	~~108~~113,~~476~~005,~~490~~032.6222	£	2,~~678~~819,~~598~~734.1099	0.3227	%
6 - < 12 months	~~609~~652	£	4449,~~241~~559,~~056~~500.0663	£	2,~~182~~394,~~505~~995.7406	0.1312	%
12 months +	~~109~~121	£	7,~~049~~437,~~892~~889.2644	£	~~597~~662,~~775~~684.4373	0.02	%
Total	~~509~~598,~~890~~273	£	3442,~~079~~595,~~420~~954,~~797~~149.4107	£	1214,~~428~~484,~~908~~829.1914	100.00	%

Properties in Possession		Number		Balance			Amount in Arrears
Total		2129		£	2,~~120~~832,~~506~~350.0657		£	~~146~~197,~~660~~349.1886

Properties in Possession (this month)
Number Brought Forward	1921
Repossessed	109
Sold	61
Number Carried Forward	2129
Average Time from Possession to Sale in days	~~138~~223
Average Arrears at Sale	£	416,~~063~~821.2356
MIG Claims submitted	0
MIG Claims Outstanding	0
Average Time from Claim to Payment in days	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	Principal
Substituted this period (this month)	0	£	—
Substituted to date (since 06/14/2002)*	203,962	£	14,162,131,295.91

* On ~~March 23rd~~June 22nd, 2005, Permanent 78 closed. The Permanent Trust was topped-up by 70101,~~542~~317 accounts (to value: £69,~~625~~483,~~343~~670,~~617~~772.1245). These are not included above.

CPR Analysis	Monthly		Annualised
(includes redemptions and repurchases)
Current 1 Month CPR Rate	2.6588	%	2729.5658	%
Previous 3 Month CPR Rate	2.7473	%	28.3328	%
Previous 12 Month CPR Rate	3.3126	%	3332.2780	%

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)	3330.9615
Average Loan Size	£	6671,~~836~~198.8119
Weighted Average Current HPI LTV (by value)	4952.9938		%
Weighted Average Current LTV (by value)	63.9950		%
Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month	0.551		%
Excess Spread
Current Month	0.244		%
May 2005	0.300		%
April 2005	0.362		%
Product Breakdown
Fixed Rate %	37.44		%
Tracker Rate %	49.97		%
Other Variable Rate %	12.59		%

Yield Net of Funding Swap over 3 Month Sterling LIBOR
Current Month		0.616	%

Excess Spread
Current Month	0.300	%
April 2005	0.362	%
March 2005	0.417	%

Product Breakdown
Fixed Rate %	34.37	%
Tracker Rate %	49.48	%
Other Variable Rate %	16.15	%

LTV Levels Breakdown *	Number	Value		% of Total
0 - 30%	90104,~~919~~441	£	2,~~372~~966,~~121~~750,~~940~~536.7537	6.96	%
30 - 35%	2328,~~291~~260	£	1,~~108~~436,~~595~~406,~~451~~281.1288	3.2537	%
35 - 40%	2531,~~527~~127	£	1,~~371~~767,~~408~~174,~~830~~177.9717	4.0215	%
40 - 45%	2733,~~422~~453	£	12,~~610~~098,~~355~~829,~~150~~199.4227	4.7393	%
45 - 50%	3037,~~382~~173	£	12,~~971~~561,~~209~~949,~~707~~609.9080	56.7801	%
50 - 55%	3138,~~785~~369	£	2,~~242~~863,~~708~~403,~~034~~222.2807	6.5872	%
55 - 60%	3340,~~314~~258	£	23,~~558~~277,~~394~~958,~~548~~434.6073	7.5170	%
60 - 65%	3441,~~690~~669	£	23,~~806~~586,~~360~~041,~~754~~082.4843	8.2342	%
65 - 70%	3744,~~517~~626	£	34,~~261~~096,~~685~~192,~~245~~848.0608	9.5762	%
70 - 75%	4251,~~339~~968	£	45,~~176~~429,~~823~~500,~~521~~041.2829	12.2675	%
75 - 80%	2832,~~863~~254	£	2,~~423~~901,~~087~~793,~~189~~068.9425	76.1181	%
80 - 85%	2830,~~402~~369	£	2,~~145~~427,~~735~~297,~~687~~245.7865	65.3070	%
85 - 90%	3135,~~760~~440	£	23,~~582~~085,~~103~~451,~~888~~748.8061	7.5824	%
90 - 95%	2628,~~950~~762	£	2,~~045~~307,~~701~~940,~~969~~496.5397	65.0042	%
95 - 100%	1619,~~150~~490	£	1,~~362~~744,~~192~~638,~~960~~599.6341	4.0010	%
100% +	~~579~~614	£	4044,~~935~~627,~~915~~557.8709	0.1210	%
Totals	~~509~~598,~~890~~273	£	3442,~~079~~595,~~420~~954,~~797~~149.4107	100.00	%

* Using Latest Valuation

HPI LTV Levels Breakdown **	Number	Value		% of Total
0 - 30%	~~172~~185,~~720~~180	£	56,~~776~~316,~~987~~471,~~413~~932.0615	1614.9583	%
30 - 35%	4550,~~998~~474	£	2,~~553~~846,~~943~~805,~~734~~365.7804	76.4968	%
35 - 40%	4953,~~283~~982	£	3,~~011~~355,~~279~~278,~~635~~080.1808	87.8488	%
40 - 45%	4551,~~501~~141	£	3,~~086~~551,~~073~~028,~~235~~316.0943	98.0634	%
45 - 50%	3744,~~984~~803	£	23,~~963~~567,~~856~~063,~~727~~269.3422	8.7037	%
50 - 55%	3340,~~429~~546	£	23,~~903~~579,~~939~~699,~~097~~731.0471	8.5240	%
55 - 60%	3037,~~259~~531	£	23,~~876~~634,~~092~~836,~~506~~946.3248	8.4453	%
60 - 65%	2533,~~893~~506	£	23,~~714~~549,~~953~~943,~~554~~665.2145	78.9733	%
65 - 70%	2128,~~278~~918	£	23,~~461~~363,~~171~~773,~~456~~698.6747	7.2290	%
70 - 75%	1523,~~616~~792	£	12,~~824~~842,~~706~~595,~~072~~819.0034	56.3567	%
75 - 80%	1116,~~246~~124	£	1,~~304~~964,~~124~~590,~~759~~375.4551	34.8361	%
80 - 85%	811,~~285~~105	£	1,~~005~~346,~~617~~501,~~859~~505.5533	23.9516	%
85 - 90%	69,~~443~~728	£	~~816~~1,~~323~~219,~~551~~179,562.0927	2.4086	%
90 - 95%	36,~~852~~547	£	~~505~~850,~~627~~261,~~237~~487.9866	12.4800	%
95 - 100%	14,~~913~~519	£	~~245~~554,~~997~~570,~~879~~416.5869	01.7230	%
100% +	~~190~~377	£	2853,~~726~~353,~~078~~977.0724	0.0813	%
Totals	~~509~~598,~~890~~273	£	3442,~~079~~595,~~420~~954,~~797~~149.4107	100.00	%

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

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

Notes	Deal	Rating (Moody’s/S&P/Fitch)	Outstanding		Reference Rate		Margin
Series 1 Class A	Permanent Financing No.56	P-1 / A-1+ / F1+	$	1,~~250~~000,000,000.00	3.~~09000~~19000	%	-0.~~020~~030	%
Series 1 Class A	Permanent Financing No.67	P-1 / A-1+ / F1+	$	1,000,000,000.00	3.~~09000~~19000	%	-0.~~030~~040	%
Series 1 Class A	Permanent Financing No.78	P-1 / A-1+ / F1+	$	1,~~000~~400,000,000.00	3.~~09000~~24133	%	-0.040	%
Series 1 Class B	Permanent Financing No.56	Aa3 / AA / AA	$	5335,~~000~~800,000.00	23.~~46000~~37938	%	0.~~140~~100	%
Series 1 Class B	Permanent Financing No.67	Aa3 / AA / AA	$	3543,~~800~~400,000.00	23.~~46000~~37938	%	0.~~100~~090	%
Series 1 Class B	Permanent Financing No.78	Aa3 / AA / AA	$	4372,~~400~~700,000.00	3.~~01371~~41754	%	0.~~090~~100	%
Series 1 Class C	Permanent Financing No.56	Baa2 / BBB / BBB	$	4434,~~400~~700,000.00	23.~~46000~~37938	%	0.~~500~~350	%
Series 1 Class C	Permanent Financing No.67	Baa2 / BBB / BBB	$	3442,~~700~~200,000.00	23.~~46000~~37938	%	0.~~350~~280	%
Series 1 Class C	Permanent Financing No.78	Baa2 / BBB / BBB	$	4282,~~200~~900,000.00	3.~~01371~~41754	%	0.~~280~~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 A	Permanent Financing No.78	Aaa / AAA / AAA	$	1,400,000,000.00	3.~~01371~~41754	%	0.~~040~~070	%
Series 2 Class B	Permanent Financing No.1	Aa3 / AA / AA	$	26,000,000.00	23.~~46000~~37938	%	0.280	%
Series 2 Class B	Permanent Financing No.2	Aa3 / AA / AA	$	61,000,000.00	23.~~46000~~37938	%	0.330	%
Series 2 Class B	Permanent Financing No.3	Aa3 / AA / AA	$	59,000,000.00	23.~~46000~~37938	%	0.250	%
Series 2 Class B	Permanent Financing No.4	Aa3 / AA / AA	$	100,700,000.00	23.~~46000~~37938	%	0.180	%
Series 2 Class B	Permanent Financing No.5	Aa3 / AA / AA	$	56,400,000.00	23.~~46000~~37938	%	0.180	%
Series 2 Class B	Permanent Financing No.6	Aa3 / AA / AA	$	35,800,000.00	23.~~46000~~37938	%	0.140	%
Series 2 Class B	Permanent Financing No.7	Aa3 / AA / AA	$	60,700,000.00	3.~~01371~~37938	%	0.110	%
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.8	Aa3 / AA / AA	$	69,800,000.00	3.41754	%	0.150	%
Series 2 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	26,000,000.00	2.46000	%	1.180	%
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.21	Baa2 / BBB / BBB	$	6126,000,000.00	23.~~46000~~37938	%	1.~~450~~180	%
Series 2 Class C	Permanent Financing No.32	Baa2 / BBB / BBB	$	5961,000,000.00	23.~~46000~~37938	%	1.~~050~~450	%
Series 2 Class C	Permanent Financing No.43	Baa2 / BBB / BBB	$	8259,~~200~~000,000.00	23.~~46000~~37938	%	01.~~720~~050	%
Series 2 Class C	Permanent Financing No.54	Baa2 / BBB / BBB	$	4682,200,000.00	23.~~46000~~37938	%	0.~~650~~720	%
Series 2 Class C	Permanent Financing No.65	Baa2 / BBB / BBB	$	3446,~~700~~200,000.00	23.~~46000~~37938	%	0.~~450~~650	%
Series 2 Class C	Permanent Financing No.76	Baa2 / BBB / BBB	$	5934,~~200~~700,000.00	3.~~01371~~37938	%	0.~~330~~450	%
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.7	Baa2 / BBB / BBB	$	59,200,000.00	3.37938	%	0.330	%
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.8	Baa2 / BBB / BBB	$	82,900,000.00	3.41754	%	0.400	%
Series 3 Class A	Permanent Financing No.31	Aaa / AAA / AAA	$	1,~~500~~100,000,000.00	23.~~46000~~37938	%	0.~~180~~125	%
Series 3 Class A	Permanent Financing No.42	Aaa / AAA / AAA	$€	1,~~700~~250,000,000.00	2.~~46000~~11300	%	0.~~140~~230	%
Series 3 Class A	Permanent Financing No.53	Aaa / AAA / AAA	$	~~750~~1,500,000,000.00	23.~~46000~~37938	%	0.~~160~~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 A	Permanent Financing No.7	Aaa / AAA / AAA	€	1,700,000,000.00	2.~~12700~~11300	%	0.070	%
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.8	Aaa / AAA / AAA	$	1,000,000,000.00	3.41754	%	0.120	%
Series 3 Class B	Permanent Financing No.21	Aa3 / AA / AA	€$	4338,500,000.00	23.~~17000~~37938	%	0.~~430~~300	%
Series 3 Class B	Permanent Financing No.32	Aa3 / AA / AA	$€	5243,~~000~~500,000.00	2.~~46000~~11300	%	0.~~350~~430	%
Series 3 Class B	Permanent Financing No.43	Aa3 / AA / AA	$	7552,~~800~~000,000.00	23.~~46000~~37938	%	0.~~230~~350	%
Series 3 Class B	Permanent Financing No.54	Aa3 / AA / AA	$	3275,~~500~~800,000.00	23.~~46000~~37938	%	0.~~260~~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 B	Permanent Financing No.7	Aa3 / AA / AA	€	73,700,000.00	2.~~12700~~11300	%	0.120	%
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.8	Aa3 / AA / AA	$	52,000,000.00	3.41754	%	0.200	%
Series 3 Class C	Permanent Financing No.1	Baa2 / BBB / BBB	$	38,500,000.00	2.46000	%	1.200	%
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.21	Baa2 / BBB / BBB	€$	4338,500,000.00	23.~~17000~~37938	%	1.~~450~~200	%
Series 3 Class C	Permanent Financing No.3	Baa2 / BBB / BBB	$	52,000,000.00	2.46000	%	1.150	%
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.2	Baa2 / BBB / BBB	€	43,500,000.00	2.11300	%	1.450	%
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.~~12700~~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.~~17000~~11300	%	0.190	%
Series 4 Class A	Permanent Financing No.2	Aaa / AAA / AAA	$	1,750,000,000.00	23.~~46000~~37938	%	0.220	%
Series 4 Class A	Permanent Financing No.4	Aaa / AAA / AAA	€	1,500,000,000.00	2.~~17000~~11300	%	0.150	%
Series 4 Class A	Permanent Financing No.5	Aaa / AAA / AAA	€	1,000,000,000.00	2.~~17000~~11300	%	0.170	%
Series 4 Class A	Permanent Financing No.6	Aaa / AAA / AAA	€	750,000,000.00	2.~~17000~~11300	%	0.140	%
Series 4 Class A	Permanent Financing No.7	Aaa / AAA / AAA	£	850,000,000.00	4.~~96234~~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 B	Permanent Financing No.7	Aa3 / AA / AA	£	36,800,000.00	4.~~96234~~86000	%	0.130	%
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.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 4 Class C	Permanent Financing No.7	Baa2 / BBB / BBB	£	35,900,000.00	4.~~96234~~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.~~96234~~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	£	~~485,000,000.00~~	£	525,000,000.00
Balance brought forward	£	~~415,815,247.79~~	£	415,815,247.79
Drawings this period	£	—	£	—
Top-up this period*	£	—	£	41,919,577.57
Current Balance	£	~~415,815,247.79~~	£	457,734,825.36
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

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 ~~March 2008~~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
June 2005	£	34,079,420,797.41	£	25,061,270,598.07	£	9,018,150,199.34	73.53944	%	26.46056	%
May 2005	£	35,001,466,949.99	£	25,061,270,751.17	£	9,940,196,198.82	71.60127	%	28.39873	%
April 2005	£	35,954,037,725.33	£	25,887,864,869.54	£	10,066,172,855.79	72.00300	%	27.99700	%
March 2005	£	30,208,410,171.92	£	22,693,161,560.41	£	7,515,248,611.51	75.12200	%	24.87800	%

Principal Ledger

Month	Principal Received		Further Advances		Sub Total
May 2005	£	622,019,672.81	£	306,031,157.78	£	928,050,830.59
June 2005	£	692,417,198.26	£	289,236,542.33	£	981,653,740.59
April 2005	£	625,900,085.41	£	331,551,781.06	£	957,451,866.47
May 2005	£	622,019,672.81	£	306,031,157.78	£	928,050,830.59
March 2005	£	627,294,639.32	£	247,882,051.14	£	875,176,690.46
April 2005	£	625,900,085.41	£	331,551,781.06	£	957,451,866.47
	£	1,~~875~~940,~~214~~336,~~397~~956.5448	£	~~885~~926,~~464~~819,~~989~~481.9817	£	2,~~760~~867,~~679~~156,~~387~~437.5265

Principal Distribution

Month	Funding		Seller
May 2005	£	—	£	928,050,830.59
April 2005	£	826,580,309.54	£	130,871,556.93
March 2005	£	875,176,690.46	£	—
	£	1,701,757,000.00	£	1,058,922,387.52

Principal Distribution

Month	Funding		Seller
June 2005	£	899,068,608.00	£	82,585,132.59
May 2005	£	—	£	928,050,830.59
April 2005	£	826,580,309.54	£	130,871,556.93
	£	1,725,648,917.54	£	1,141,507,520.11

Revenue Ledger

Month	Revenue Received		GIC Interest		Authorised Investment Income		Sub Total
May 2005	£	151,187,779.96	£	3,208,729.65	£	—	£	154,396,509.61
June 2005	£	154,585,518.38	£	2,064,042.08	£	—	£	156,649,560.46
April 2005	£	151,362,464.76	£	2,555,426.00	£	—	£	153,917,890.76
May 2005	£	151,187,779.96	£	3,208,729.65	£	—	£	154,396,509.61
March 2005	£	141,179,635.63	£	1,702,027.88	£	—	£	142,881,663.51
April 2005	£	151,362,464.76	£	2,555,426.00	£	—	£	153,917,890.76
	£	~~443~~457,~~729~~135,~~880~~763.3510	£	7,~~466~~828,~~183~~197.5373	£	—	£	~~451~~464,~~196~~963,~~063~~960.8883

Paid to

Month	Mortgage Trustee		Administrator		Available Revenue
May 2005	£	1,595.67	£	1,272,051.92	£	153,122,862.02
June 2005	£	—	£	1,378,008.90	£	155,271,551.56
April 2005	£	123.71	£	1,231,017.99	£	152,686,749.06
May 2005	£	1,595.67	£	1,272,051.92	£	153,122,862.02
March 2005	£	2,700.00	£	1,272,051.93	£	141,606,911.58
April 2005	£	123.71	£	1,231,017.99	£	152,686,749.06
	£	41,~~419~~719.38	£	3,~~775~~881,~~121~~078.8481	£	~~447~~461,~~416~~081,~~522~~162.6664

Revenue Distribution

Month	Funding		Seller
May 2005	£	111,228,048.83	£	41,894,813.19
June 2005	£	107,284,492.53	£	47,987,059.03
April 2005	£	111,546,518.89	£	41,140,230.17
May 2005	£	111,228,048.83	£	41,894,813.19
March 2005	£	105,924,625.53	£	35,682,286.05
April 2005	£	111,546,518.89	£	41,140,230.17
	£	~~328~~330,~~699~~059,~~193~~060.25	£	~~118~~131,~~717~~022,~~329~~102.4139

Losses Ledger

Month	Losses
Balance b/fwd at April 30, 2005	£	87,415.04
Balance b/fwd at 05/31/2005	£	87,628.86
May 2005	£	213.82
June 2005	£	99,344.37
April 2005	£	19,178.13
May 2005	£	213.82
March 2005	£	—
April 2005	£	19,178.13
Closing Balance	£	87186,~~628~~973.8623

Losses Distribution

Month	Funding		Seller		Reconciliation
May 2005	£	153.10	£	60.72	£	—
June 2005	£	66,764.39	£	32,579.98	£	—
April 2005	£	13,808.83	£	5,369.30	£	—
May 2005	£	153.10	£	60.72	£	—
March 2005	£	—	£	—	£	—
April 2005	£	13,808.83	£	5,369.30	£	—
	£	1380,~~961~~726.9332	£	538,~~430~~010.0200	£	—

CPR Analysis

Month	1 Month CPR		3 Month CPR		12 Month CPR
May 2005	2.65	%	2.74	%	3.31	%
June 2005	2.88	%	2.73	%	3.26	%
April 2005	2.66	%	2.73	%	3.39	%
May 2005	2.65	%	2.74	%	3.31	%
March 2005	2.90	%	2.75	%	3.46	%
April 2005	2.66	%	2.73	%	3.39	%

Regional Analysis

Halifax Mapped Region	Number	Value		% of Total
London & South East	~~101~~120,~~929~~391	£	1012,~~305~~851,~~001~~868,~~963~~414.8518	30.2417	%
Midlands & East Anglia	~~111~~131,~~457~~415	£	79,~~507~~446,~~671~~692,~~040~~312.2798	22.0318	%
North	94109,~~412~~601	£	45,~~552~~684,~~303~~725,~~055~~077.6727	13.3635	%
North West	7587,~~301~~489	£	34,~~915~~886,~~812~~142,~~326~~988.0672	11.4947	%
South Wales & West	7285,~~616~~924	£	46,~~979~~299,~~758~~799,~~110~~956.0541	14.6179	%
Scotland	4857,~~840~~804	£	23,~~424~~000,~~509~~956,~~790~~546.8196	7.1105	%
Unknown	5,~~335~~649	£	~~394~~425,~~364~~768,~~510~~852.7055	1.1600	%
Totals	~~509~~598,~~890~~273	£	3442,~~079~~595,~~420~~954,~~797~~149.4107	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. 7) PLC
		(Registrant)
Date 9th June 2005		/s/David Balai
Date 20th July 2005		/s/David Balai
		By: David Balai
		Title: Director
		PERMANENT FUNDING (NO. 1) LIMITED
		(Registrant)
Date 9th June 2005		/s/David Balai
Date 20th July 2005		/s/David Balai
		By: David Balai
		Title: Director
		PERMANENT MORTGAGES TRUSTEE LIMITED
		(Registrant)
Date 9th June 2005		/s/David Balai
Date 20th July 2005		/s/David Balai
		By: David Balai
		Title: Director

Filing Compare · Permanent Financing (No. 7) PLC