MPs remortgage homes for cash

MPs remortgaged their homes, even though their mortgages are paid by the taxpayer, to take out cash in hand, say reports.

The Times says Andrew Walker, the director of finance and administration in the House of Commons, has admitted that until 2006, MPs were able to remortgage their properties to release cash, even though their mortgages were paid for by the taxpayer.

Walker told The Times that MPs can now only remortgage with the finance director’s permission and with valid reasons, such as to pay for building works.

The Sunday Times, The Sunday Telegaraph and information campaigner Heather Brooke have brought a Freedom of Information tribunal to request that more details of MPs expenses are made public.

A verdict is expected at the beginning of March.

MPs remortgaged homes for cash, say reports (Mortgage Staregy, 11 February 2008)