As the Queen moves out of Buckingham Palace, any new occupant would pay £250m deposit with monthly mortgage of £1m
With the Queen moving out of Buckingham Palace to ‘work from home’ at one of her castles, research has found it would cost almost £250m just for a deposit to purchase the London landmark – with up to £3m a month in loan payments.
In her Majesty’s Platinum Jubilee year, the nonagenarian has left the city to continue duties from Windsor Castle. For those eyeing up the palace, mortgage solutions specialist Henry Dannell found that the building’s estimated market value is just shy of a cool £1bn.
The £995m property would set would-be buyers back almost £250m just for a deposit, with monthly mortgage repayments sitting at nearly £1m per month, or £3m for anyone paying off the loan.
If like Her Majesty, buyers wanted to get out of London, other Royal residencies would also create a hole in one’s pocket, with Windsor Castle costing £124m up-front, while slumming it at Sandringham would require ‘just’ under £200K each month in repayments.
“Even with the cost of borrowing remaining very favourable for the average homebuyer, you would need quite the financial foundation if you were looking to snap up something from the Queen’s current property portfolio”, said Geoff Garrett, the director of Henry Dannell.
“Unfortunately, even if you do have ambitions of buying royal bricks and mortar, we’re unlikely to see her Majesty sell up despite what is certainly a seller’s market at present, so don’t expect to see any of these properties hit the portals anytime soon.”