Why would Harry need a mortgage?

[IwasToldThereWouldBeCake]

The Spare (unusual bits) thread is closed.... But I just wanted to add:

Harry claims to have successfully procured a mortgage. Is this feasible given he wasn't working at the time. Would he need one, given his inheritance from Diana and the deals he was brokering with Netflix and his book.

I thought this must be a farce..... Trying to get down with the average man with usual responsibilities.... I just don't think its true.

I laughed out loud a lot while reading the book, but I also thought Harry s recollections reminded me of the skewed life views a lot of heavy weed smokers seem to have. The angry, resentful, hostile shut downs of anyone that doesn't agree with their world view. The preference for projecting messages from animals and from hearing messages from the universe, rather than accepting feedback from humans seems self indulgent.

The endless projection and victim hood and benchmarking, are all traits I ve come across from spoilt, weed smoking, angry man babies.

I thought the book was written with a popularity checklist in mind; the average family have to pay mortgages, let's pretend I do too. People like Friends, so do I, I'm a regular guy. I m down with the peeps with my drug dabbling and heavy drinking.... I occasionally pee myself, and goof around with the young and old.

I do hope that Harry s life becomes happier and healthier. I hope he will be invited to the coronation and that he can grow from all of the honest reviews of the book. It's finally time for him to grow up.

Yes just like some people pay as much as possible on a credit card as it offers more protection and then pay off the balance.

Or people get 0% credit cards and purchase kitchens etc and pay it off over 3yrs

Or people who get American express cards and pay their bills and shopping to collect airmiles for free flights

All of that if it suits your spending habits is sensible things to do.

Anyone with a modicum of common sense and understanding of fina coal products available on the market or even just follows Martin Lewis would know these things.

The rich dont stay rich by being stupid with their money, they make their money work hard for them

But you just want to bash them really.

Wonder how much KC owes on his mortgage

Besides interest rates having gone lower than ever in my lifetime during covid, we also can write off our mortgage expense in the US.

Please can someone explain the pants wetting? I saw the mentioned a few times but not the details.

Mortgage rates in the US right now are sitting between 5 and 6 percent.

Mortgage interest in the US can be used as a federal tax deduction.

I don't think anyone knows the exact figures of the numbers. Why would we?

Oops aliceolivia beat me to it!

Pants wetting : H & M had their first date and parted ways, following day she went to Wimbledon and he went to a sailing competition. He was out on the water for several hours and just as the yacht was returning to shore he felt the urge to pee, however he couldn't unzip and do it into the water for some reason so instead chose to wet himself, he then jumped into the water and swam to shore........ Had to shower and change before heading off to his second date.

Good for you business flake! I can’t recall asking for the value of your house lovely.🙄

Why do investors/developers get 30 year interest only mortgages,…why do you think that is?

I’m young with a fairly high risk tolerance, therefore far happier with my money spread across multiple investments vehicles instead of trapped in equity of a single house.

Do you!

Omg tmi Harry

Mortgage interest is tax deductible in the US so it can make financial sense to have a large mortgage. Or at least it used to be. Not sure of current status.

The rich don’t stay rich by being stupid with their money, they make their money work hard for them

This. This. This. This.

So if you have money you don't borrow money? Is that you're question?

Why wouldn't the rich borrow money? Their money is most often tied up making more money so they have insufficient liquid funds to purchase outright But with their wealth they are low risk so get the best deals from lenders. Also if your investment is making 10% growth per annum why would you use that money to buy a house when a mortgage costs less?

Man in 40s has mortgage!🙄

The Bodyguard who survived was not wearing a seatbelt.
Diana was not at risk walking through the landmine area. The path had been checked before she walked through. You really think a charity would want Diana blown up in front of lots of reporters? It was a photo opportunity to highlight the issue.

I suspect it was a financially prudent decision to get a mortgage, their money will be tied up In High interest investments, the interest on his mortgage will be much lower, as such the interest on his investments goes to paying off his mortgage and he keeps the lump sum working for him rather than paying it all to the seller immediately

even if they sell in 5 years, they cash in, pay the mortgage off when no penalties, take the equity. His lump sum is still intact and earning high levels of interest.

I think he was worth about 30 million with money from the queen mother, and Diana etc , he likely also inherited when the queen died, so he’d be making in the region of 2-3 million a year on interest alone min , prob much more depending on what he inherited from the queen, which will likely pay his mortgage. Meghan was worth about 6.

thagd before we take into account the hundred million from Netflix over 5 years and the 20 million for the book and everything else he is paid for, ie interviews. Before they left he was charging a million a time for after dinner speeches,

when Charles goes he will inherit again. It will be another very large sum due to his father having the duchy of Cornwall,for so long. Charles is worth hundreds of millions.

harry is a seriously , seriously, wealthy man. He plays the poor penniless victim,buying ikea stuff , living in a tiny home, but it’s far from the truth.

For a new mortgage. Not when Harry took his out.

American mortgages are typically fixed for the life of the loan. When Harry took his out, he would have gotten 3-3.5% unless he had to take out an exceptionally large mortgage.

My guess, having taken out an American mortgage, is that given that he could lock in a low interest rate, it was some kind of tax-management idea. Mortgage interest is deductible from your taxable income and Harry and Meghan should be in a bracket where they are itemising their deductions.

@knitnerd90 yes you are correct they were that low a few years ago. I was thinking now for some reason.

You are right on rates being fixed for the life of the loan as well. As well as the taxes.

There are advantages to holding a mortgage in the US.

There is good tax advantage in having a mortgage in the States and in particular - California.

I wondered as well but someone mentioned on another thread, what has been mentioned here, is that there are tax breaks to having a mortgage.

A lot of the book does seem to be pubically available material indeed!

I work with US mortgages at the wholesale level. Their home is jumbo+ level so would be through a wealth management offering. In that type of wealth the home is collateral for a credit facility. You use the credit facility to enable lower income and higher dividends to be declared through your business.

I don’t know who gave them advice but I’m surprised they were not advised to buy the home through a LLC and have a separate entity manage the maintenance of the home. They then pay rent to their own LLC. You rent the portion you live in. The rest is a business expense.

Its all about lowering your cost of capital and real estate is the most secure collateral you can offer up in nearly every case.

Even so, I’d absolutely love to have a paid off house and think it’s brilliant that BusinessFlake does. Every time I buy, sell or refinance a house I’m sad about how much I waste in mortgage lender fees.

It really can be to your financial advantage in the US, @Businessflake due to the tax deductions and the fact you can lock in a very low interest rate for 30 years if you wish. It’s completely different to the UK. DH and I could have paid off our mortgage years ago, but it really isn’t financially prudent for us.

Anytime anyone says anything about Harry I advise them to look at the opening episode of the Netflix documentary where they’re on holiday and out on the sea in a yacht. The camera pans over and there’s about 30 paparazzi filming them all pointing out to sea looking at sea life. Imagine people recording your own childhood experiences? He honestly never had a chance at a normal life

Since Diana's death, the Royal Family have a long standing arrangement with the press that they get limited access, such as a quick photoshoot on the first day of their holiday, and then they are left alone. Harry and Meghan refused to enter this agreement and then complained about the press intrusion. They need to take responsibility for their own decisions.