Prince Harry and Meghan Markle Took Out a Mortgage to Buy Their Montecito Home

Rather than ask the royal family for financial help, Prince Harry and Meghan Markle took out a mortgage to buy their new home in Montecito, California.

Kayleigh Roberts
By Kayleigh Roberts
published
  • This week, news broke that Prince Harry and Meghan Markle have settled into a new home in Montecito, a community in Santa Barbara, California.
  • The Sussex family decided not to stay in Los Angeles, but only moved about an hour away—meaning they will still be able to easily work in the entertainment industry if they choose.
  • The couple reportedly refused to use any money from the royal family to purchase the $14.65 million home. Instead, Harry and Meghan took out a mortgage to buy the house.

Prince Harry and Meghan Markle have moved into a new home in Montecito—a lush community in Santa Barbara, California. The new purchase also represents another milestone for the couple: The first significant step in their journey to financial independence from the royal family.

Even though the home reportedly cost $14.65 million, Harry and Meghan refused to use the royal family's money to buy it.

"Harry could’ve asked [Prince] Charles to contribute toward the cost of the house, but he chose not to," a source explained to Us Weekly. "Getting his dad financially involved would result in the royals having control over him. It would mean going backwards."

Here's the thing though: Harry and Meghan didn't want to ask Prince Charles to buy them a house, but they also didn't have a spare $14.65 million lying around to spend on it. So the Sussexes decided to do the thing normal people who buy a house they can't afford to buy outright do: They "have taken out a huge mortgage," the Us Weekly source explained.

They're not mad about it though. In fact, Harry is apparently "loving being independent and sees it as an opportunity to grow."

Like every couple, Harry and Meghan had to weigh the benefits and potential downsides of taking out a hefty loan to buy the house. Talking about finances? Making tough money decisions? Royals really are just like us. Except for still much, much wealthier because, you know, $14.65 million. 

"Harry and Meghan see it as an absolute bargain; it was an opportunity not to be missed," the source said. "Unlike buying a car, it’s an investment. Meghan’s confident they’ll make a hefty profit if they ever decide to sell up. And on the upside, at least their security costs have been reduced. Their new home is gated and secure. They still have bodyguards but no longer need as many."

Even though Harry and Meghan are confident they'll be able to sell the house for a profit, however, they don't necessarily plan to sell. The royal source says they're looking for a forever home to grow old together in.

"Buying a house together is a huge milestone for Harry and Meghan, especially as it’s the first property they’ve owned," the royal insider said. "They want to grow old together, reminiscing about their amazing journey."

Meghan Markle's Most Iconic Fashion Moments

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commonwealth day service 2020
(Image credit: Karwai Tang)

March 9, 2020

Meghan and Prince Harry attend the Commonwealth Day Service at Westminster Abbey with all of the royal family. Meghan is wearing a custom Emilia Wickstead dress and carrying a Gabriela Hearst Demi bag; she's also wearing Birks earrings and Aquazzura heels.