OnlyFans was listed as the primary source of income for 1,500 self-employed Britons who applied for a mortgage in the past 12 months.
OnlyFans is a content subscription service that has become known as a popular social media site for sex workers, and it hosts a wide variety of people who showcase and sell their talents. from cooking, cleaning, and fitness to selling adult-only content.
The site currently has over 30,000,000 registered users and over 450,000 content creators or unemployed.
To remove the confusion of accessing a mortgage with a less traditional source of income, the Online Mortgage Advisor team created a hub that gives a clearer idea of what is typically required to proceed with a mortgage application.
Anyone applying for a self-employed mortgage in the UK will typically need two years accounts to support their mortgage application.
However, there are brokers who accept an annual value, which means that those who may have started making money through platforms like OnlyFans are perfectly eligible for a mortgage.
The new information center for self-employed UK residents hoping to get a mortgage soon will help them understand the process of taking out a mortgage, what it takes, how long it will take to make a deposit based on their current income to procure and more.
Pete Mugleston, Mortgage Advisor and MD of Online Mortgage Advisor, said, “In the face of the pandemic that has left many people on leave or laid off, UK residents have increasingly looked for alternative ways to make money, including trying to create a profile for yourself even on websites like OnlyFans, YouTube and Instagram.
“Whether they are selling access to cooking videos or pictures of their feet, who are we to judge how they are making their money, as long as it is correct and legal?”
The hub also hosts the newly created self-employed deposit calculator, which allows users to enter how much they are making in an average self-employed month and which region of the UK they want to buy a home in.
The calculator then estimates how long it will take you to save on a home security deposit based on the regional average for the area you intend to buy.