Queen Elizabeth Reveals Meghan Markle & Prince Harry Will Repay Renovation Money on U.K. Home

Maria Pasquini

Queen Elizabeth has revealed details on Prince Harry and Meghan Markle’s Frogmore Cottage home.

“Following many months of conversations and more recent discussions, I am pleased that together we have found a constructive and supportive way forward for my grandson and his family,” the monarch, 93 said in a statement on Saturday. “It is my whole family’s hope that today’s agreement allows them to start building a happy and peaceful new life.”

In a separate statement from Buckingham Palace, it was announced that Meghan and Harry — who “will not use their HRH titles as they are no longer working members of the Royal Family” — will be repaying the money that was spent on renovations of their Windsor residence last year, prior to the birth of their son Archie.

“The Duke and Duchess of Sussex have shared their wish to repay Sovereign Grant expenditure for the refurbishment of Frogmore Cottage, which will remain their UK family home,” the statement from Buckingham Palace read.

Shutterstock. Inset: Max Mumby/Indigo/Getty

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In addition to making it clear that Frogmore will continue to be their family home, Meghan and Harry — who have made it clear that they no longer want to rely on public funds — will meet the running costs of the home moving forward, royal sources tell PEOPLE. The couple is also expected to pay a commercial rent on the property.

Additionally, Prince Charles will continue to offer them private financial support.

Although stepping down from their roles as senior royals, everything they do will continue to uphold the values of the Queen, palace sources insist.

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Meghan and Harry’s gratitude was on display in a separate statement from Buckingham Palace, which noted that the new change will take effect in Spring 2020.

“The Duke and Duchess of Sussex are grateful to Her Majesty and the Royal Family for their ongoing support as they embark on the next chapter of their lives. As agreed in this new arrangement, they understand that they are required to step back from Royal duties, including official military appointments,” the statement said.

“They will no longer receive public funds for Royal duties. With The Queen’s blessing, the Sussexes will continue to maintain their private patronages and associations. While they can no longer formally represent The Queen, the Sussexes have made clear that everything they do will continue to uphold the values of Her Majesty,” the statement continued.

Meghan Markle, Prince Harry and Queen Elizabeth | John Stillwell - WPA Pool/Getty

PEOPLE previously confirmed that royal staff members who had been working at Frogmore Cottage are being moved to different posts.

No one has been made redundant or let go, but a royal source confirmed to PEOPLE that staff are regularly redeployed around the estate during quieter periods. This also happened when the couple headed to Canada in November and December.

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On Jan. 13, the Queen made an emotional statement about the couple’s decision, saying that she reluctantly agreed to the couple’s wish to seek a more independent future. “The Sussexes will spend time in Canada and the UK,” during a “period of transition.”

Meghan, 38, is currently back in Canada with the couple’s 8-month-old son Archie after briefly returning to the U.K. last week, just before the couple made their bombshell announcement. Meanwhile, Harry, 35, is still in the U.K.

Prince Harry and Meghan Markle | Rosa Woods/Getty

The young family has also been vocal about planning to keep Frogmore Cottage as a residence for the foreseeable future.

“Frogmore Cottage will continue to be the property of Her Majesty the Queen. The Duke and Duchess of Sussex will continue to use Frogmore Cottage – with the permission of Her Majesty The Queen – as their official residence as they continue to support the Monarchy, and so that their family will always have a place to call home in the United Kingdom,” the couple previously shared on their official website SussexRoyal.com.

“We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages,” they said in a previous statement. “This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity.”