Mandelson hails mortgage 'clean bill of health

Former Trade Secretary Peter Mandelson has been told that he is to face no action by the Britannia building society over his application for a mortgage on his Notting Hill home.

Britannia chief executive John Heaps said that, having reviewed Mr Mandelson's mortgage arrangements, he was satisfied that the information he gave when applying for a ?150,000 loan was accurate at the time.

He said that "no special courtesies" had been extended to Mr Mandelson, who said in a statement that he was "delighted" to have been given a "clean bill of health" by the society.

The Britannia's decision removes what had been potentially the most difficult obstacle standing in the way of Mr Mandelson making a political comeback.

The society launched a review of Mr Mandelson's mortgage arrangements after he conceded that he may not have supplied details of his ?373,000 loan from ex-Paymaster General Geoffrey Robinson, to cover the balance of the purchase price, when he applied for a mortgage in 1996.

Both Mr Mandelson and Mr Robinson resigned from the Government when details of the loan were disclosed shortly before Christmas.

Mr Mandelson acknowledged the "intense speculation" in the media that he may have broken building society rules - and could even face a police investigation for fraud - had contributed to the pressure on him to quit.

"I wish my critics had waited to find out the real position before reaching hasty judgments," he said.

"It is behind me now and I just want to get on with rebuilding my life and political career."