The mortgage on Sir Keir Starmer’s £2 million townhouse has now been paid off, official documents show.
The couple achieved what many homeowners can only dream of when their four-bedroom north London property officially became mortgage-free on Monday last week.
There was previously a loan from Barclays Bank noted on the Land Registry title deed, which is a public document.
But on September 16, the record was updated to show the Barclays loan has been ‘discharged’, meaning the high-street bank no longer retains any rights over the four-storey terraced house.
Previously, the Labour leader has politically ‘weaponised’ his mortgage to attack the Conservatives. While in opposition, he condemned then-PM Rishi Sunak for failing to understand the anguish caused by rising mortgage rates.
Asked during a live event in June last year whether he and wife Victoria had been affected by rising rates, Starmer said pointedly: ‘Yes, we have a mortgage and ours has just gone up.’
Happily for the Starmers, this no longer appears to be an issue. As the newly outright owners of their home in trendy Kentish Town, they are free from any commitments to a bank to keep up repayments.
It puts them in the top one-third of English homeowners in not having to make mortgage or rent payments.
Sir Keir has long been at pains to play down his privilege and talk about his working-class roots. However, during his 20 years as a top-flight lawyer, before moving into politics, his earnings have placed him comfortably in the country’s top 1 per cent of earners.
The Starmers bought their home in 2004 for £650,000. Since then, they have carried out renovations including a loft conversion involving the installation of two rooflights and a dormer window.
The property, which is in a sought-after area, is now estimated to be worth £2million. Added to his £1million gold-plated pension pot, the PM is believed to be worth around £3million.
During the 2020 Labour leadership contest, Sir Keir – who was paid up to £400 an hour during his two decades as a senior lawyer – played down his wealth, saying at one point ‘I’m not a millionaire’.
The 62-year-old is entitled to two annual salaries – one as a constituency MP and one as PM – totalling £166,786.
His wife, 50, works in the NHS in occupational health, having previously been a solicitor. According to The Sunday Times, her salary is believed to be up to £50,000 pro rata.
In recent days, Sir Keir has been embroiled in criticism for taking more than £100,000 worth of gifts and hospitality during the past five years – including spectacles worth £18,000 from Labour peer Lord Waheed Alli.