Cameron: I'd pay profits on second home to state

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The Tory leader has come under fire for years of claims for mortgage interest on a £350,000 loan for his constituency property.

He said today he had bought the large house in Oxfordshire in 2001 to keep his family together at the weekends.

But Mr Cameron pledged to abide by any reform that forced MPs to pay the state the capital gain on the sale of their taxpayer-funded second home.

He bought his house in Witney for £650,000, but it is now estimated to be worth £1million, representing a paper profit of £350,000. Mr Cameron has pocketed £102,000 in public money to subsidise his mortgage interest between 2002 and 2007.

The Conservative leader told BBC Radio 4's Today programme he felt it was wrong MPs had built up big property portfolios with public money.

He promised to abide by any rules from an independent review by Sir Christopher Kelly: "If Chris Kelly comes out and says 'actually, any capital gains, that part attributable to the mortgage interest someone was paying, that should belong to the taxpayer rather than the individual', I would be very happy with that."