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Prince Harry claims Prince William reached settlement with Murdoch tabloids for “large sum” in hacking case
London — U.K. court documents emerged this week that include claims from Britain’s Prince Harry that his brother and heir to the throne Prince William quietly received “a very large sum of money” in a 2020 phone hacking settlement with the U.K. newspaper division of Rupert Murdoch’s media empire.
It was one of a series of explosive revelations made in witness statements from Harry’s lawyer in arguments about why the younger prince’s lawsuit against the publisher of The Sun and now-defunct News Of The World tabloids should not be thrown out. The court filings have raised questions about other possible secret deals between the royals and Britain’s tabloid press.
A key allegation to emerge from both Harry’s book “Spare” and he and his wife Meghan’s interviews over the last few years is that members of his own family or their staff have been “enabling, if not outright collaborating” with Britain’s tabloids, including in a “vicious campaign” to cast Meghan as a bully.
“There would definitely be, on Harry’s side, the sense that there was a cosy cartel between the popular papers and the royal family,” former editor of The Sun, Kelvin MacKenzie, told CBS News this week. “He wants to blow this up. He gets back at his own family. He bashes the tabloids over the head — gives Murdoch a kick in the pants — there is nothing not to like as far as Harry is concerned.”
Buckingham Palace has not commented on the court case, in which Harry alleges that, since the mid-2000s, he’s been the victim of phone hacking and other illegal behavior by tabloid journalists. The prince — who has lived in California with his family since they gave up their roles as senior “working” members of the royal family — claims reporters working for Murdoch’s newspapers illegally accessed his voicemails to obtain private information on him.
The tactics, Harry argues, have generated headlines which have destroyed some of his personal relationships.
Over the past decade, Murdoch-owned businesses have settled hundreds of similar phone-hacking claims for hundreds of millions of dollars in damages, out of court.
“Rupert Murdoch never goes into the witness box,” said MacKenzie. “He’ll do everything, everything to stop either him or his other executives in London from being cross-questioned. It’s a very, very big game that’s going on in London.”
Murdoch’s News Group Newspapers has argued that a senior British judge should throw out hacking lawsuits brought by Harry and Hollywood star Hugh Grant, claiming they were brought too late, but the prince insists he was really prevented from bringing his case because of a “secret agreement” between other members of his own family under which there would instead be an apology and out-of-court settlement.
Harry claims in the court documents that the alleged deal was authorized by his late grandmother, Queen Elizabeth II, and that it would have prevented any future lawsuits against the newspaper group by the royals.
Murdoch’s News Group has denied any secret agreement with the royal family.
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Homeowners looking to access a large sum of money in today’s economic climate don’t have to look too far to find it. By turning to their accumulated home equity, owners can potentially finance a major expense (or multiple major expenses) simply by using the money they already have via their home’s value.
While there are multiple ways to do this, many may be considering a traditional mortgage refinance or cash-out refinance. But in today’s unique and constantly changing interest rate climate, that could prove to be a costly mistake. Instead, right now, both home equity loans and home equity lines of credit (HELOCs) are arguably better than refinancing. Below, we’ll explain why.
Start by seeing what home equity loan interest rate you could qualify for here.
Why home equity loans are better than refinancing right now
Here are three reasons why a home equity loan may be more beneficial than a refinance now:
You’ll maintain your existing mortgage rate
The average home equity loan interest rate is 8.41% as of November 19, 2024, but the average mortgage refinance rate for a 30-year loan is 6.93%. So, on the surface, it appears that refinancing is cheaper. But that refinance rate will require you to exchange your current mortgage rate to get the new one.
That could be a costly mistake if you have a rate under 6.93%, as millions of Americans do right now. By applying for a home equity loan, however, you’ll still gain access to your equity, but you won’t need to bump your mortgage rate to get it. And if home equity loan rates drop in the future, as they have for most of 2024, you can simply refinance your loan to the better rate then.
Get started with a home equity loan online today.
You may qualify for a tax deduction
When you use a cash-out refinance, you apply for a loan larger than what you currently owe to your lender. You then use the former to pay off the latter and keep the difference as cash for yourself. Interest paid on mortgage loans is tax-deductible, but so is the interest on home equity loans if used for qualifying purposes. At that higher interest rate, you may qualify for a larger deduction (while still maintaining your current lower mortgage rate).
The average home equity amount is high right now
A combination of low mortgage interest rates during the pandemic, a drop in available inventory and a hesitation to sell now that rates are high again (amid other complex but interrelated factors) has caused the average home equity amount to soar to just under $330,000 right now. If you want to access that with a refinance, as noted, you’ll need to give up your current mortgage rate to do so. And if you want to access it via a credit card or personal loan, the restrictions will be significant. It makes sense, then, to take advantage by using a home equity loan or HELOC instead of taking a gamble with a refinance right now.
The bottom line
With mortgage refinance rates elevated, the unique feature of a potential tax deduction tied to home equity borrowing and a six-figure average equity sum available now, for many homeowners in need of financing it makes sense to skip a refinance for a home equity loan now. That said, this type of financing is tied to your most important financial asset so the decision to withdraw it from it should be carefully weighed against the risks. Consider speaking to a financial advisor or home equity lender who can answer any questions you may have before getting started.
Speak to a home equity loan lender now.
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