Britannia Building Society News Release
8 January 1999—10:00 hours
THE
RT
HON
PETER
MANDELSON
MP
A statement by John Heaps, Chief Executive, Britannia
Building Society
"Britannia's policy is to treat all relationships
with our members as confidential. However, in light of the considerable
publicity regarding his mortgage with the Society, Peter Mandelson
has agreed to this statement being issued.
"Mr Mandelson applied for a mortgage with Britannia
in respect of his home in Notting Hill, London. Based on the information
provided by Mr Mandelson and the Society's standard lending criteria,
an offer of a mortgage was made and the account was opened on
15 October 1996. Mr Mandelson's mortgage account has been maintained
satisfactorily at all times since that date.
"Mr Mandelson has written to the Society clarifying
his present personal financial position. We responded as we would
in any case where a member brought new information to our attention,
reviewing the mortgage arrangement in accordance with our normal
procedures, and there have been no special courtesies extended
to Mr Mandelson.
"Having completed this review, I am satisfied
that the information given to us at the time of the mortgage application
was accurate. There has been no undue financial risk to the Society,
nor have the interests of the Society's members as a whole been
prejudiced. The property concerned is more than adequate security
for the loan advanced. Having regard to all the circumstances,
I have therefore decided not to pursue the matter further with
Mr Mandelson."
Ends
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