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.
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."
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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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(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.
Meghan Markle and Prince Harry arrive at Canada House in London for their first 2020 appearance. She is seen wearing a Reiss Coat, Massimo Dutti turtleneck and skirt, and Jimmy Choo Romy pumps.
(Image credit: Chris Jackson)
November 9, 2019
Meghan steps out in a bespoke Erdem dress, her favorite Aquazzura heels, and Jessica McCormack earrings, for the Royal British Legion Festival of Remembrance at the Royal Albert Hall.
The Duke and Duchess of Sussex attend a panel discussion on gender equality with The Queen's Commonwealth Trust. Meghan is wearing a monochromatic look in a Joseph sweater, a Hugo Boss leather skirt, Sarah Flint pumps, and Emily Mortimer stud earrings.
(Image credit: Samir Hussein)
October 22, 2019
Meghan Markle arrives to the One Young World Summit in an Aritzia dress paired with Manolo Blahnik pumps.
(Image credit: Max Mumby/Indigo)
October 15, 2019
Meghan Markle recycles her engagement dress to WellChild Awards, a charity for seriously ill children and their families. She pairs her P.A.R.O.S.H. dress with a Sentaler coat and Montunas bag.
(Image credit: Samir Hussein)
October 2, 2019
For a South African engagement to visit the Youth Employment Services in South Africa, the Duchess of Sussex steps out in Hannah Lavery shirt dress, Madewell earrings, and Stuart Weitzman pumps.
Meghan and Archie step out for Archie's first royal engagement during the tour in South Africa. She wore a Club Monaco dress and a pair of Jennifer Meyer turquoise earrings.
The Duke and Duchess of Sussex visit District 6 Museum in Cape Town, South Africa. Meghan wore a Veronica Beard blue button-down dress and Castañer espadrilles.
(Image credit: Max Mumby/Indigo)
September 12, 2019
The Duchess Of Sussex attends the launch of the Smart Works Capsule Collection, while wearing a Misha Nonoo button-down and wearing butterfly earrings and a cuff that once belonged to Princess Diana.
(Image credit: Mike Marsland)
July 14, 2019
The Duke and Duchess walk the red carpet for the Lion King premiere in London. Meghan wears a Jason Wu dress and Nikos Koulis earrings with a Gucci clutch.
Meghan Markle steps out for her first royal appearance since giving birth. She attends the 2019 Trooping the Colour with Prince Harry in a Givenchy dress and hat by Noelle Stewart.
Prince Harry and Meghan arrive at New Zealand House in London to pay tribute to the victims of the New Zealand terrorist attacks. Meghan wears a vintage black cape, Gucci clutch and Aquazzura black cut-out pumps.
(Image credit: Max Mumby/Indigo)
March 11, 2019
Meghan wore a Victoria Beckham dress, coat, clutch, and shoes to the Commonwealth Day Service at Westminster Abbey.
(Image credit: Samir Hussein)
March 11, 2019
The Duke and Duchess Of Sussex attend a Commonwealth Day youth event at Canada House. The Duchess wore a Erdem set, Givenchy clutch, Aquazzura heels, and Birks earrings.
The Duchess Of Sussex wore Dior head to toe and Birks earrings while visiting Morocco.
(Image credit: Yui Mok - PA Images)
February 24, 2019
The Duke and Duchess arrive to the "Education For All" boarding house in Atlas Mountains in Morocco. Meghan wore an Alice and Olivia blazer and Birdies slippers.
(Image credit: Pool/Samir Hussein)
February 23, 2019
The Duke and Duchess Of Sussex visit Morocco. Meghan wore a Valentino dress, a Valentino clutch, and Gianvito Rossi gloves and pumps to meet the Crown Prince of Morocco, Moulay Hassan.
The Duchess of Sussex visits Smart Works wearing Kimai earrings.
(Image credit: Jeff Spicer/BFC)
December 10, 2018
Meghan appears at the Fashion Awards at the Royal Albert Hall. The Duchess wore a Givenchy dress, Tamara Mellon heels, Pippa Small earrings and bangles.
Prince Harry and Meghan visit New Zealand; both are wearing Muck boots.
(Image credit: Pool/Samir Hussein)
October 29, 2018
Harry and Meghan visiting New Zealand during their Autumn tour Australia, Fiji, Tonga and New Zealand. Meghan opted for Adidas Stan Smith sneakers for this occasion.
The Duke and Duchess of Sussex on their royal tour in Australia. The duchess steps out in a Reformation dress with Sarah Flint sandals.
(Image credit: Chris Jackson)
October 21, 2018
Meghan spotted wearing Veja sneakers during day two the Invictus Games in Sydney, Australia.
(Image credit: Samir Hussein)
October 21, 2018
Meghan Markle attended a reception hosted by the Prime Minister of Australia at The Pavilion Restaurant, wearing White Blazer, Oroton bag, and Aquazzura pumps.
The Duke and Duchess of Sussex attended a gala performance of "Hamilton". The Duchess wore Judith & Charles Blazer dress, Paul Andrew pumps, and Shaun Leane earrings.
(Image credit: Chris Jackson)
July 26, 2018
Meghan Markle wore a Carolina Herrera denim wrap dress, Birks earrings, J Crew bag, and Aquazzura pumps to the Sentebale Polo in 2018.
Kayleigh Roberts is a freelance writer and editor with over 10 years of professional experience covering entertainment of all genres, from new movie and TV releases to nostalgia, and celebrity news. Her byline has appeared in Marie Claire, Cosmopolitan, ELLE, Harper’s Bazaar, The Atlantic, Allure, Entertainment Weekly, MTV, Bustle, Refinery29, Girls’ Life Magazine, Just Jared, and Tiger Beat, among other publications. She's a graduate of the Medill School of Journalism at Northwestern University.
