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OnlyFans is a social media website launched in 2016 for users to sell or buy their content, often of an adult nature.
Buyers of this content pay a monthly subscription, with a percentage of this getting paid to the creator. With enough subscribers, this can lead to a significant income.
As a platform, OnlyFans grows each year with millions of users worldwide.
With this being many people’s primary income, the discussion of mortgages becomes essential.
Each year, more and more people will be relying on this income to pay their bills and borrow money.
This page will tell you more about how OnlyFans income is treated by lenders and how being a subscriber may affect your mortgage application.
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Are you an OnlyFans creator looking for a mortgage?
Although not every lender may be willing to lend as they all have their own criteria, there will be lenders that view OnlyFans mortgage applicants in a similar way to Youtube creators, online influencers or models (perhaps using platforms such as Twitter or Instagram) and just go by the strength of the business. Read more: Mortgages For Influencers.
Lenders will want to make sure the business is sustainable going forward and income from OnlyFans content creation is going to continue into the future.
OnlyFans creators can however make large amounts of money through subscriptions so some lenders will understand this and want some of this business.
So to summarise, yes, there are definitely lenders that can lend to OnlyFans creators!
What are the challenges for an OnlyFans creator looking for a mortgage?
As an OnlyFans is a reasonably new website, not all lenders will understand it and some may not even like it.
An OnlyFans creator will need to prove to the lender the level of income that is being generated and demonstrate income will continue in the future.
Aside from this it should be like taking a standard mortgage.
How many years of accounts would an OnlyFans creator need to get a mortgage?
The most common amount is two years for self employed applicants with some lenders accepting one year.
For an OnlyFans creator, this is likely to be the same with most lenders wanting to see two years of accounts to see how the OnlyFans creation business is performing and whether it looks as if income will continue at similar levels going forward.
If you are an OnlyFans creator and unsure of how to report your self employed income, it would be best to speak to an accountant to gain professional advice or seek guidance from HMRC.
How much can I borrow as an OnlyFans creator?
It will depend on the lender but they will make an assessment based on your net profit before tax for sole traders and use a multiple of this, usually between 3-5 times income.
This may be different if your OnlyFans creation business is incorporated into a limited company as many lenders then underwrite on salary and dividends taken from the business.
A lot more is taken in to account when assessing affordability such as debts, credit, deposit, level of income etc so best to talk to an adviser who can work this out for you.
To get an idea of how much you need, you should work out what type of property you plan to buy and the location it is based in. When searching for properties, we recommend Rightmove, Zoopla and On The Market.
How much deposit would I need to put down as an OnlyFans creator?
The amount of deposit needed to get a mortgage for an OnlyFans creator is the same as an applicant in any other occupation.
Residential mortgages can be obtained with as little as a 5% deposit, as long as the applicant meets the lender’s criteria with income and expenditure fitting the lender’s affordability calculation.
As an OnlyFans creator, if your profits are sufficient for the mortgage amount needed, Some lenders should be able to agree to a 95% mortgage.
As an OnlyFans creator, should I use a mortgage broker when getting a mortgage?
When getting a mortgage, finding a professional mortgage advisor with independent advice is always recommended.
As an OnlyFans creator, it would be strongly recommended to look for a competent mortgage broker with vast experience in self-employed applicants.
With your income being unique and some lenders considering it less sustainable over the long term, you will want to approach the correct lender the first time round.
Skilled mortgage advisors will know which lenders to talk to about your income is generated to find a suitable lender for you.
There is no reason that an OnlyFans creator would not get a mortgage. However, with potentially fewer lenders to choose from, having experience on your side is never a bad thing.
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Would I need a specialist lender to get a mortgage as an OnlyFans creator?
Some high street lenders would consider lending to an OnlyFans creator like any other occupation.
How you are paid, how often, your profits, credit, business patterns, debt etc are all other factors an adviser will assess when deciding whether you would need a mortgage from the high street or a Specialist Lender.
As a result, it’s always best to get individual, professional advice.
What documentation would I need to provide to a lender as an OnlyFans creator.
The lender would need to get a clear idea of how your income is made up so it would likely be company accounts if you trade through a limited company, tax documents and bank statements (business and personal).
Any statements that you could generate from OnlyFans breaking down the income / showing any patterns etc may be useful to show a lender how full details of how your OnlyFans income is made up.
Your mortgage adviser would be able to confirm the documents required from you when they are giving you advice.
Can an OnlyFans creator get a buy to let mortgage?
Lenders will assess each application individually. However, most lenders will treat the application like a standard self-employed buy to let mortgage and request tax calculations to determine your level of income.
This means that when an adviser is assessing the potential for an OnlyFans creator to buy an investment property, they would be looking at the applicants deposit, income, the rent expected from the investment property, the credit file and the type of property they wish to buy.
Like any type of mortgage, getting professional advice is of utmost importance when looking to finance a buy to let property via a buy to let mortgage.
Does OnlyFans affect my mortgage?
If you are not a creator and simply a customer wondering whether having an OnlyFans subscription showing on your bank statement will harm your chances of getting a mortgage, this is a common question.
Most lenders will not have an opinion of what subscriptions you choose to sign up to and would see it in a similar way to how they would see a Netflix account or another streaming subscription.
Most would not punish you for the nature of OnlyFans content but more likely if anything to just build the commitment into your affordability assessment. As the commitment is discretionary though, most lenders would not be concerned.
In this situation, it would be best to tell your mortgage adviser who can give you the advice that you need.
How does OnlyFans show on a bank statement?
If you are paying for an OnlyFans subscription, it will likely show as OF on your bank statement.
If you are an OnlyFans creator paid by the company, the transaction usually shows as Fenix International Limited, the parent company OnlyFans.
Does OnlyFans affect my credit score?
There is no reason for an OnlyFans account to affect your credit score. It is an optional subscription that can be cancelled at any time and therefore not a contractual commitment.
If you would like to find out more about your credit profile why not visit one of the two main credit reference agencies Experian or Equifax. Or you can utilise Check My File, which offers a free trial.
There are specialist lenders that can lend to OnlyFans creators. As an OnlyFans creator will need to prove to the lender the level of income that is being generated and demonstrate income will continue in the future.
A mortgage adviser may be best suited to ensure you speak to the correct lenders and receive the professional advice that you need.