Prince Harry, Meghan Markle Took Out Mortgage For $14M 'Forever Home,' Biographer Says

Meghan Markle and Prince Harry are funding their new multimillion-dollar home, which could be where they will settle down permanently with son Archie, according to a royal correspondent.

The Duke and Duchess of Sussex recently purchased a new mansion in Montecito, California, for $14.7 million after staying at Tyler Perry's lavish Beverly Hills estate for months. They had moved to their new place before Markle's birthday on Aug. 4, and royal correspondent Omid Scobie, co-author of "Finding Freedom," hinted that the Sussexes may stay there for good.

"Finding a house in the middle of a pandemic is difficult, but they were able to find a peaceful home in Santa Barbara. A home that they have bought with their own money," Scobie told Entertainment Tonight.

"There's been a lot of speculation about Prince Charles potentially funding this," the journalist continued. "But this is really a moment for them to find their independence. They've done this on their own."

The royal biographer revealed that Prince Harry and Markle are investing their own money on what could be their permanent residence.

"Like many couples, they have a mortgage," Scobie said. "It is a peaceful home. It's a forever home and somewhere where they'll lay their roots. It has space for Archie, a playground. Really, it's gonna be a special part of their life."

Prince Harry and the former actress used a trust to complete the purchase, and per public records, took out a $9.5 million mortgage to buy the Montecito estate, which boasts a pool, tennis court and rose gardens.

One of Prince Harry and Markle's most difficult challenges in moving across the pond after stepping down from their royal roles in January was finding their own home, Scobie said.

There have been speculations that the royal couple would settle down in Los Angeles ⁠— where Markle's mother, Doria Ragland, currently lives⁠ — before it was reported that the Sussexes decided on a place a hundred miles away in Santa Barbara.

"Both of them are extremely liquid when it comes to their assets," Scobie said about the couple's finances. "Harry brings a lot to the table himself and Meghan lives off residuals from 'Suits' and the many appearances that she's done in other projects too."

The Duke and Duchess of Sussex didn't ask for help from the royal family, including Prince Charles, when purchasing their new abode as they wanted to be completely financially independent.

"Getting his dad financially involved would result in the royals having control over him. It would mean going backwards," a source told Us Weekly.

In related news, Prince Harry and Markle were recently accused of lying about their involvement in the biography "Finding Freedom." A rep for the royal couple earlier said that they didn’t give interviews for it, but the tell-all book's Authors’ Note revealed that Scobie and Carolyn Durand talked to them "when appropriate."

However, Scobie insisted that the royal couple were not involved in the making of the book. He clarified that the Author's Note referred only to their exchange of a few words during official engagements.