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A mortgage advisor has warned that those who pay subscriptions on OnlyFans could see themselves rejected for a mortgage.
The platform has gone from strength to strength since it launched back in 2016, but one expert says he’s seen numerous would-be homeowner have their applications rejected for subscribing to profiles on the site.
Glen Russell, director of Russell Financial Solutions LTD, told the Sun: “I have seen rising numbers of Only Fans customers turned down for mortgages due to the consistency of transactions on statements.”
However, Russell was quick to stress that banks aren’t wary because of the nature of the payments, explaining that it’s more to do with the number of recurring transactions.
He went on: “If there was one payment on your bank statement then it could be justified as a one-off monthly payment.
“But some Only Fans 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 liability.
“It is not the case with all mortgage customers, but I have noticed there is an increasing trend.”
Russell told the news outlet that if you are regularly subscribing to more than a couple of OnlyFans accounts, there’s no need to worry about - but added that honesty is the best policy as your mortgage lender will be able to see exactly where your money is going.
He said: “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.”
Russell’s claims mirror those made by Mortgage and Protection Advisor at Progress PFS, Micheal Isherwood, who made a TikTok video in which he said a client was knocked back for a mortgage due to the number of OnlyFans transactions on their statements.
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.”
Usually, when applying for a mortgage, you will be asked to provide several months’ worth of bank or building society statements as well as your proof of income. You’ll also need a good credit rating.
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