ONLYFANS was listed as the main source of income for 1,500 self-employed Brits applying for a mortgage in the last 12 months.
A content subscription service that has become known as a popular social media site for sex workers, OnlyFans is home to a wide variety of people showcasing and selling their talents; from cooking, cleaning, and fitness through to selling adult-only content.
The site currently has more than 30 million registered users and more than 450,000 content creators, so it’s expected that the mortgage industry will continue to see a rise in mortgage applications citing OnlyFans as their main source of income – particularly with the ongoing pandemic and many finding themselves furloughed or out of work.
To help clear up confusion on accessing a mortgage with a source of income that is considered less traditional, the team at Online Mortgage Advisor have created a hub which gives a clearer idea of what is typically needed to proceed with a mortgage application.
Anyone applying for a mortgage while self-employed within in the UK are typically required to have two years’ worth of accounts to support their mortgage application.
However there are brokers out there that will accept one years’ worth, meaning those who may have started earning money through platforms such as OnlyFans could well be eligible for a mortgage.
The new information hub for self-employed UK residents who are hoping to get a mortgage soon will help them understand the process of getting a mortgage, what is required, how long it will take them to raise a deposit based upon their current earnings and more.
Pete Mugleston, Mortgage Advisor and MD of Online Mortgage Advisor said: “With the pandemic seeing many people furloughed or made redundant, there has been an increase in UK-residents looking at alternative ways in which they can make money, including trying to build a profile for themselves on sites such as OnlyFans, YouTube and Instagram.
“Whether they’re selling access to cooking videos or selling pictures of their feet, who are we to judge how they make their money, as long as it’s above board and legal?”
The hub is also home to the newly created Self-Employed Deposit Calculator where users can enter how much they earn in an average month from being self-employed and which region of the UK they hope to purchase a home in.
The calculator then estimates how long it will take them to save up for a house deposit based on the regional average for the area they’re hoping to purchase in.