Mandelson moves up ladder with HSBC deal

Peter Mandelson has moved up the property ladder buying a £2.4m property, after having to sell a £373,000 home in a row over loans that led to his resignation in 1998.

The mortgage, which has been completed by HSBC, would traditionally only allow him 4 x his salary. Mandelson reportedly earns £160,000 a year, with £21,000 housing benefits from working in Brussels. This means he should only be allowed a mortgage of over £700,000.

However, it is believed that Mandelson has made £650,000 in property deals in the last decade, and received a significant amount on the death of his mother this year.