PUBLISHED: 10:32, Fri, Aug 14, 2020 | UPDATED: 10:32, Fri, Aug 14, 2020
Meghan and Harry purchased a new mansion in Santa Barbara, California, last month. It was reportedly on the market for $34million (£26million) but the couple bought it for $14.7million (£11million), with the help of a $9.5million (£7.3million) mortgage. Assuming they will be using the typical interest rates of Bank of America, they will have to pay approximately $480,000 (£367,500) per year to repay the mortgage across 30 years.
The couple’s finances have been a major source of speculation since they left the Royal Family’s frontline earlier this year in a quest to go “financially independent”.
It is understood that Prince Charles promised to support the Sussexes for their first year of “independence” as they will no longer receive public funds for royal duties.
Many royal fans are therefore surprised at the couples’ decision to purchase such a luxurious mansion.
After the taxpayer forked out £2.4million for the couple to renovate their home in Windsor, Frogmore Cottage, shortly after their marriage, royal fans were also furious at the thought they might have to cover the Sussexes’ large security bill — especially since they were now living abroad.
Prince Harry and Meghan Markle reportedly "fully expected" the taxpayers to cover their security cos (Image: Getty)
Meghan and Harry's security costs are reportedly being covered by Charles (Image: Getty)
However, according to reports from earlier this year, the Duke and Duchess of Sussex only agreed to start paying off their £2.4million bill after Charles’ agreed to cover their security costs.
A source explained: “They had fully expected that British taxpayers would continue to foot the bill for their protection.
“But then the rug was pulled from under their feet, and they had to ask Prince Charles to step in.”
They were unexpectedly left without the support of the Metropolitan Police security team when they decided to move to the US.
Harry reportedly thought “up until the very last minute” that he could keep the security team because of his place in the line of succession and as a former frontline Army officer.
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