New mortgage for Prime Minister prior to Brexit result

July 3, 2016 by Brendan

Home owners

David Cameron and his wife Samantha signed the documents for a new mortgage, just eight days before the EU referendum took place.

On 15th June, the Prime Minister took out a mortgage with HSBC, according to public documents available at the Land Registry. This was the same date as George Osborne announced his Brexit Budget, and stated that taxes may have to be raised if Britain voted to leave the EU.

Following the result of the referendum, which saw Britain vote to leave the EU, David Cameron announced his resignation and will leave the Downing Street property in three months. The mortgage was taken out for the Cameron’s property in Notting Hill, a £3.5 million town house. The signatures of the Camerons was witnessed by the Political Secretary, Laurence Mann.

The property hadn’t previously been mortgaged, and the documents didn’t reveal what the purpose of the loan was, or the amount. It is possible that the funds could be used to buy a property elsewhere.

The Prime Minister also owns property in his constituency, Oxfordshire. According to a report by the Mail, the couple are fond of north Cornwall, and it is possible that they are considering buying a holiday residence there. In an interview with the Mail, a spokesman for Downing Street said:

“People often change mortgages. It’s a common practice. We didn’t know what the referendum result would be.”

It is possible that the Camerons may require some expert advice from a CeMAP qualified mortgage adviser, especially if they are going to buy an additional property.