The recurring transactions can be a red flag for some mortgage providers
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A mortgage advisor has revealed that subscribers of OnlyFans could find their mortgage applications rejected.
The platform has increasingly gained popularity since its launch in 2016, but a mortgage expert has shared that he’s seen many prospective homeowners have their applications rejected due to their subscription to the site.
Glen Russell, director of Russell Financial Solutions LTD, told the Sun: “I have seen rising numbers of OnlyFans customers turned down for mortgages due to the consistency of transactions on statements.”
But it’s not due to the nature of the payments that have banks being cautious, but it’s more due to the number of recurring transactions.
He continued: “If there was one payment on your bank statement then it could be justified as a one-off monthly payment.
“But some OnlyFans users end up spending on the site far more than just once a month, and that’s when the mortgage lender could see it’s a regular outgoing payment and they could see that as a liability.
“It is not the case with all mortgage customers, but I have noticed there is an increasing trend.”
While Russell says that being a regular subscriber to more than a couple of OnlyFans accounts isn’t a cause for concern, he advises people to be honest with their mortgage lender as they will be able to see exactly where your money is going.
He continued: “When you’re questioned about any transactions on your account, honesty and transparency is the key for a successful application…even if that does feel a bit awkward.”
Michael Isherwood, a mortgage and protection advisor at Progress PFS has also shared similar sentiments on TikTok. In a video on the platform, he said a client was rejected for a mortgage due to the number of OnlyFans transactions on their bank statements.
Can’t believe this has just happened!!! #mortgagelife #mortgagebrokeroftiktok #mortgageuk
He said: “I’ve just got off the phone to an underwriter. I’ve joked about this before, but it’s never got this far. The underwriter has declined the case because of a significant number of transactions on the client’s bank statement to OnlyFans.
“The lender has decided – because of the volume – that they’re factoring it into their affordability calculation, treating it the same way they would gambling. They said it was an addiction. Please try and avoid sending money to OnlyFans on your bank statement.”
When applying for a mortgage, providers ask for various methods of proof of identity and that you have the ability to pay them back. This is usually in the form of bank or building society statements going back several months.
For many first-time buyers, the mortgage application process can be overwhelming, but Isherwood advises speaking to a qualified mortgage advisor for guidance.