The internet – and, of course, the pandemic – has changed the way we work, with many people choosing to go online to make money.
This includes using OnlyFans, the platform where people are paid by subscribers for posting photos and videos (often explicit but sometimes PG).
It may be a new career path, but those who use OnlyFans can make big money. Many of the creators on the site are making enough to put a deposit down for a house.
Online Mortgage Advisor received over 1,500 enquiries in the past 12 months where one or more parties per enquiry declared themselves as self-employed, citing OnlyFans as their main source of income.
Mortgages are a tricky business for the self-employed, and if you’re making your money from OnlyFans you might be worried it could affect your chances of getting one (due to the fact income isn’t guaranteed).
It comes down to being able to prove a steady income, and brokers and advisors normally ask for two years’ of accounts to show this.
However, some banks will approve a mortgage with just one year of accounts, so even newer creators could become homeowners.
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?’
Try not to worry about any potential stigma you may face. Your broker should only be concerned with the numbers.
You should register yourself as a business as soon as you start creating, keeping tabs of all money made and paying tax on time.
That’s because you’ll need to provide – along with your proof of earnings – SA302 forms or a tax year overview (from HMRC) for the past two or three years.
See a broker even if you’re not sure you’ll qualify now. They can advise you of what else you need in future.AdvertisementAdvertisement
Normally, self-employed contractors might provide details of future contracts to show money will be coming in in future. If you have long-term subscriber numbers (which could indicate they’ll stick around and provide income) this could be worth bringing along.
As well as this, you’ll need the following items to prove your identity:
- Driving licence
- Council tax bill
- Utility bills dated within three months
- Six months’ worth of bank statements
Going through your statements to assess your spending on things like food, transport, childcare, and credit repayments also helps the broker assess the monthly repayments you can afford going forward.
Your best bet when getting a mortgage in general – but more so when self-employed – is to save as much as possible for your deposit.
Because lenders might be reluctant to approve for a mortgage without a stable job, upping your deposit reduces the amount you need to borrow, and therefore their risk in giving it to you.
Saving as much as possible, paying tax and keeping records, and trying to maintain a good credit score are always going to stand to you.
Selling content on OnlyFans is no different to being self-employed in any other way, and your broker will do what they can to find the right option for you.
If you’re making a decent income from OnlyFans and can show you’ll have longevity, you’re just as likely to get a mortgage as a builder, writer, consultant, or restaurateur.