Even subscribing to OnlyFans can stop you getting a mortgage
When you apply for a mortgage, the lender takes a number of things into account, including your deposit amount and affordability.
During these checks you’ll be under a certain level of scrutiny, as bank statements and wage slips need to be combed through to check you’re a good candidate.
For a while now, it’s been common knowledge that an unconventional job – such as being an OnlyFans creator – can impact your chances of a mortgage approval.
But a recent TikTok by Mortgage and Protection Advisor at Progress PFS, Micheal Isherwood, has highlighted that even subscribers to the platform need to be careful.
In a video captioned ‘true story’, Michael spoke about a recent client who’d been declined a mortgage.
He said: ‘I’ve just 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.’
In a follow-up, Michael – who also has a YouTube channel – explained that he contacted the client, who was slightly annoyed but mainly embarrassed. Thankfully, he helped the customer explore other avenues, and it did appear he was able to find another lender.
Can’t believe this has just happened!!! #mortgagelife #mortgagebrokeroftiktok #mortgageuk
Despite the happy ending, however, the story serves as a warning to others looking to get their foot on the ladder.
Although a fiver or tenner a month coming out of your account – regardless of what it’s for – is unlikely to be a red flag for lenders, if your subscriptions mount up they could pose an issue.
Michael tells Metro.co.uk: ‘Lenders have to be happy the mortgage is affordable. To do this they have calculations to determine affordability. These calculations cover clients income and committed expenditure (servicing of existing debt, childcare costs etc).
‘If a lender believes that there is excessive spending on certain things, they may take a view to factor the levels of spending on said areas into the calculations. The most common example of this is gambling.
‘In the case of OnlyFans, the lender took this view and factored the spending in – which then made the requested loan amount unaffordable.’
The Blackpool-based advisor highlights that this is an ‘extreme example’, because the client was spending so much relative to their income. Michael does also say, though, that he’s seen others knocked back due to overspending – even on things like takeaways.
There’s no need to be doom and gloom about it, as it’s not an unfixable situation.
Mortgage providers ask for various methods of proof you are who you say you are and that you can pay them back. This tends to include three-to-six months’ bank statements.
In the months leading up to applying, personally looking over your outgoings is necessary and helpful, with Michael adding: ‘My advice is to keep bank statements in good order with no excessive spending.’
OnlyFans itself isn’t the problem on a statement, more that any outgoing that’s high in relation to your income suggests you’re overburdened financially. That regular subscription payment isn’t likely to be the sole reason you struggle (as they can be cancelled and aren’t deemed ‘committed expenditure’) but could play into your overall mortgage suitability.
‘Bank account conduct is a big thing, particularly at high loan to values,’ says Michael, ‘so avoiding bank charges for things – such as bounced direct debits and standing orders, and going into unarranged overdrafts – is vital.’
The application process remains a mystery to many first-time buyers without experience of buying property. That’s why Michael recommends speaking to a qualified mortgage advisor if you’re unsure how to proceed.
They’ll undergo a ‘fact find’ alongside you, checking through anything that might pop up for lenders so you can mitigate the risk before it comes to that.
He says: ‘Whether you are about to buy or just starting to save up for your deposit, there’s never a bad time to seek professional advice. There are many many great mortgage advisors out there who will happily help out.’
In the meantime, remember there’s no shame in sex work, or supporting it through platforms like OnlyFans. It’s just a good idea to ensure it’s not having a negative impact elsewhere in your life.
If you find you’re spending a lot on something and neglecting other needs as a result, there could be addiction issues there. Speak to your GP, who can refer you to specialists depending on your situation.
Taking control is the first step to reducing dependence – and doing so could help your homebuying chances as well as your health.
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