With a major investment in Santa Barbara just breaking through for the royals, an expert has come forward with the claim that Meghan Markle and Prince Harry need to get into the swing of work if they hope to be able to afford their $550,000 mortgage yearly mortgage.
An insider close to the couple spoke to Page Six about the couple’s move, claiming, "They are not houseguests of Oprah or anyone else, they bought this home themselves.”
"This is where they want to continue their lives after leaving the UK. This is the first home either of them has ever owned. It has been a very special time for them as a couple and as a family — to have complete privacy for six weeks since they moved in.”
“They intend to put down their roots in this house and the quiet community, which has considerable privacy. This is where they want to bring Archie up, where they hope he can have as normal a life as possible."
The insider also went on to note that this decision is not something the couple has taken lightly. A large about of consideration went into making this a reality.
The biggest motivation behind this move has been Archie. For "this is the place where they plan to be happy, make good friends and bring up Archie, giving him the chance to play with other children his age."
The Sun reported on the couple’s transaction, claiming that they have already paid over $5 million to City National Bank but the rest of their payment has been split up into a 30 mortgage.
The total cost of the Santa Barbara mansion amounts to nearly $46,000 per month, and about $550,000 per year. The report also went on to state that while the couple has settled on this payment method, it is unclear how they convinced the lender as they do not have a steady stream of income at this point.
Other than the total mortgage cost, there are other miscellaneous expenses that come with owning a house in such a prime neighborhood. From a $68,000 property tax, to about $7 million in security arrangements per year, the couple has a lot of bills ready to pile on top of each other.
To make matters even tighter, Meghan and Harry are still paying off taxpayer money they used for Frogmore Cottage's renovations before Megxit, and Royal finance expert David McClure is “surprised they can afford it all. They must start making money quickly.”