If King Charles had mortgage on Buckingham Palace it would cost £14m

King Charles lives in Buckingham Palace (Image: GETTY) If King Charles were to have a mortgage on Buckingham Palace , His Royal Highness would have to pay nearly £7million more a month due to interest rates hitting five percent, according to new research by investment platform Saxo. Research carried out by the firm has estimated the monthly repayments the Royal Family would face across various UK properties if they were to battle with rising interest rates in a similar way to the 15million homeowners across the nation. The data shows Buckingham Palace would be faced with the highest monthly mortgage repayment of £13,983,701 in 2023. This compares to £6,995,035 which would have been the value back in June 2018, when the interest rates were just 0.75 percent, roughly half the value today. Buckingham Palace is incredibly grand with 775 rooms. These include 52 royal and guest bedrooms, 188 staff bedrooms, 92 offices, 78 bathrooms and 19 staterooms. Buckingham Palace is a huge tourist hotspot (Image: GETTY) White Drawing Room in Buckingham Palace (Image: Getty) Rooms include the white drawing room, which was used by the late Queen to record her annual Christmas Day message. There is also the Throne Room, which is an incredibly ornate room and decorated almost entirely in red. Then there is the Ballroom, which is the largest of the staterooms in the palace and was completed in 1855 when Queen Victoria was on the throne. Research carried out by Saxo also showed that St James’s Palace faces extortionate numbers, with an estimated property value of £600million. The Throne Room in Buckingham Palace (Image: GETTY) Therefore, the royals would face a monthly mortgage repayment of £2,169,885 on this property. This is £1,084,449 higher than in June 2018 – just five years ago. In addition, this is nearly 1500 times more compared to the average monthly mortgage at roughly £737. Other properties include Windsor Castle, Kensington Palace and Highgrove House, which would all be facing double in monthly repayments since 2018 if the royals had a mortgage. Anaam Raza, of investment platform Saxo, said: ‘Interest rates have risen to their highest in 15 years, making the situation difficult for many thousands around the UK – particularly those looking to borrow and apply for mortgages. Buckingham Palace ballroom (Image: GETTY) ‘Our research demonstrates a very exaggerated issue affecting so many people with mortgages almost doubling over the past five years. “In terms of our research, King Charles would have had to pay a monthly mortgage repayment of nearly £7million just for Buckingham Palace alone back in 2018. Nowadays, it would be nearly £14million.” Ms Raza added: ‘This recent rise in rates is designed to tackle long-standing inflation, however, will affect the everyday consumer in the short term. “For those struggling with their finances, we advise them to seek financial advice in order to make ends meet.’