Cameron raises £800,000 warchest for life after Downing Street by remortgaging home – but he’ll get FAR less pension than Tony Blair and where will the family live?

David Cameron has been making financial preparations for life after Downing Street, including remortgaging the family's home.

The outgoing Prime Minister will walk away with a £40,000 pension and is expected to get a pay-off of around £20,000.

But he has taken a huge financial hit from his decision to snub the extraordinary exit package granted to predecessors like Tony Blair.  

The Camerons are thought to have put some contingency plans in place - including raising £800,000 against their £3.6million Notting Hill home to forge their post-premiership future.

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Cameron currently owns a four-bedroom home in Notting Hill and a country cottage in Oxfordshire

The family now have just a day to gather their belongings and move out of their grace and favour flat above Number 11.

They do not have anywhere obvious to go in London as the London home is currently being rented out. The couple are rumoured to have organised a temporary letting. 

Today assistants were seen carrying boxes and bags to and from Downing Street as large blue vans filled with flat-pack boxes waited outside. One of the removal men accidentally revealed a list of packing supplies are needed, including 300 boxes, 30 rolls of tape and three rolls of bubble wrap. 

Mr Cameron has insisted he loves being MP for Witney,and plans to continue in the role beyond the general election slated for 2020.

His salary will, however, be slashed in half from around £150,000 to the £75,000 of an ordinary backbencher. 

Labour predecessor Mr Blair has been receiving the extraordinary non-contributory pension, equivalent to half his salary as premier, since the day he stepped down nearly a decade ago, aged just 53.

David Cameron, pictured visiting a school in West London today, is facing a 50 per cent pay cut 

Despite making a fortune outside parliament since 2007, the Cabinet Office has confirmed to MailOnline that Mr Blair has continued to claim the income of around £80,000 a year.

By contrast Mr Cameron has cut his salary as premier to around £150,000, and has been contributing to the standard ministerial pension.

Currently aged 49, Mr Cameron will have to wait until he turns 65 to get the still-generous income of around £20,000.

He will also be entitled to a backbench MPs’ pension - still a gold-plated final salary settlement of around £26,000 a year that most workers can only dream of.

Incoming Prime Minister Theresa May paid warm tribute to David Cameron as she attended his final Cabinet meeting today

A removal van and workers have been at Downing Street today as the family prepares to depart 

Unlike other departing premiers, Mr Cameron is thought to be entitled to a ministerial pay-off of around £20,000 because he waived the pension.

Mr Cameron is likely to top up his earnings with paid speeches and other roles outside of parliament.

His former Deputy Prime Minister, Lib Dem Nick Clegg, has been raking in up to £30,000 a time for delivering talks to business groups.

Despite the financial hit, the outgoing PM appeared far from downcast yesterday.

As he walked back into No 10 yesterday after announcing Theresa May as his successor, a microphone pinned to Mr Cameron's jacket captured him humming a few bars of a jaunty tune.

He capped it off by saying ‘Right’ as he reached the famous black door, leading to a flurry of speculation on social media over what the tune might be.

Some commentators suggested Mr Cameron was humming the theme tune to US political drama The West Wing, while others said it was the opening bars of Channel 4’s news bulletin, the theme to Black Beauty or even the title music for the 1963 war movie, The Great Escape. 

Mr Cameron said yesterday that Mrs May was the person to provide 'strong leadership' to the country

TONY BLAIR'S GOLDEN DEAL: UBER-GENEROUS PENSION SINCE DAY HE QUIT

Tony Blair, pictured responding to the Chilcot report last week

Tony Blair has been receiving an extraordinary pension of up to £80,000 a year since the day he quit Downing Street.

He has continued to take his full entitlement despite the credit crunch plunging the country into austerity and amassing a multi-million pound fortune from business.

Mr Blair, who was lambasted for his handling of the Iraq War by the Chilcot report last week, was the last Prime Minister to accept the extremely generous non-contributory package, equivalent to half his salary as premier.

The figure is even higher as Gordon Brown and then David Cameron took significantly lower pay than the £196,000 Mr Blair was on.

Following a Freedom of Information request by MailOnline, the Cabinet Office has confirmed that Mr Blair is still in receipt of the pension and it is calculated on his salary when leaving office.

It is thought to have been worth around £66,000 in 2007, and is index linked, meaning it will have increased to an estimated £80,000.