Mortgages for OnlyFans Creators: Secure Your Dream Home with Expert Guidance
In recent years, platforms like OnlyFans have transformed how individuals earn a living, offering creators the opportunity to generate substantial income through subscriptions and content sharing. While this flexible income stream is empowering, it can also present challenges when seeking a mortgage. Lenders may be unfamiliar with OnlyFans as a source of income, and therefore the application process can seem daunting.
At Kerr & Watson, we specialise in helping self-employed individuals and those with non-traditional income sources, including OnlyFans creators, secure the right mortgage.
Can You Get a Mortgage as an OnlyFans Creator?
The good news is that, yes, OnlyFans creators can secure a mortgage. However, as with many self-employed applicants, you may face extra scrutiny from lenders. OnlyFans income is often treated similarly to other forms of self-employment, such as income from influencers or freelance work, and lenders will look for certain key factors to assess whether your income is sustainable.
Some of the main challenges you may encounter include:
- Proving income stability: Lenders need reassurance that your income will continue over time. This often involves providing two years of accounts or tax returns, though some lenders may accept just one year.
- Fluctuating income: As an OnlyFans creator, your earnings may vary month to month. Lenders will likely average your income to calculate how much you can afford to borrow.
- Fewer lender options: Not all lenders are familiar with OnlyFans income. However, there are some high street lenders specialist lenders who understand non-traditional income sources and can offer mortgage products.
At Kerr & Watson, we work closely with these lenders and know how to present your income in the best possible light to the lenders that will consider your income. Contact us today for personalised advice.
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Key Considerations for OnlyFans Creators Applying for a Mortgage
When applying for a mortgage, there are several important considerations to keep in mind as an OnlyFans creator:
Proof of Income
Lenders will want to see proof of your income over a period of time to ensure it’s consistent. You’ll likely need to provide the following:
- Two years of accounts or tax returns: Most lenders require two years of SA302 forms (Self-Assessment tax returns) or tax year overviews from HMRC.
- Bank statements: You may be asked to provide bank statements showing the income being deposited into your account over a period of six months to two years.
- Business documentation: If you operate through a limited company, you’ll need to provide company accounts, including details of salary and dividends.
If you’re unsure how to manage your accounts or how to present them, we recommend speaking to an accountant or contacting us at Kerr & Watson for guidance.
Affordability and Deposit
Affordability assessments are standard for all mortgage applicants. Lenders will look at your overall income and expenses to determine how much you can borrow. You can use our affordability calculators to get an initial idea. For OnlyFans creators, they will typically use an income multiple of 4-5 times your annual net profit before tax or salary and dividends, depending on the lender’s criteria and your income structure. This figure can vary widely depending on your own circumstances such as age, deposit, and levels of debt.
It’s also important to consider the size of your deposit:
- Deposit size: Generally, you’ll need at least a 5% deposit for a residential mortgage. However, if your income is more complex or variable, lenders may ask for a higher deposit.
- Improving affordability: Increasing your deposit can improve your chances of approval. The larger your deposit, the less risk the lender takes on, making it sometimes easier to qualify for a mortgage.
Kerr & Watson can help you understand how much you may need to save for your deposit based on your unique circumstances.
Documentation and Credit History
Providing thorough documentation is essential when applying for a mortgage, especially for self-employed applicants like OnlyFans creators. The key documents you’ll need include:
- SA302 forms or tax year overviews
- Bank statements showing income deposits
- Proof of identity (passport, driving licence)
- Proof of address (utility bills, council tax bill)
Additionally, maintaining a good credit score is important with most lenders. Lenders will review your credit history to assess your reliability in repaying the mortgage. Ensuring that you pay bills on time, avoid taking on too much debt, and keep your credit score in check can increase your chances of approval. Here you can find out more about getting a free credit report.
If you’re unsure about your credit score or documentation, our team at Kerr & Watson is here to guide you through the process.
Should You Use a Mortgage Broker?
When seeking a mortgage as an OnlyFans creator, working with a knowledgeable mortgage broker can make a significant difference. A broker can:
- Guide you to the right lender: Not all lenders are familiar with OnlyFans income, but we know which ones are. Our extensive network of lenders includes those who specialise in self-employed and non-traditional income sources.
- Save time and hassle: Applying for a mortgage can be a time-consuming process. We’ll handle the legwork, ensuring that your application is submitted correctly and to the right lender from the start.
- Maximise your chances of approval: By working with a mortgage broker like Kerr & Watson, you’ll have a higher chance of securing the mortgage you need, as we’ll present your income in the best possible way.
If you’re an OnlyFans creator considering a mortgage, contact us today for expert advice and personalised support.
Conclusion
Securing a mortgage as an OnlyFans creator may come with some challenges, but with the right preparation and expert guidance, it’s entirely possible. By working with a specialist mortgage broker like Kerr & Watson, you’ll benefit from tailored advice and access to lenders who understand your unique income structure.
At Kerr & Watson, we’re here to support you every step of the way, from gathering the necessary documentation to finding the best lender for your situation.
