I’m a mortgage adviser – how paying for Only Fans could get you turned down for a home loan

A MORTGAGE adviser is warning homebuyers who pay monthly subscriptions for the Only Fans website could be turned down for a mortgage.

Glen Russell, director of Russell Financial Solutions, said he has seen a number of cases in the past year where banks have been concerned about a customer’s regular use of the 18-plus website. 

Dad-of-two Glen said: “I have seen rising numbers of Only Fans customers turned down for mortgages due to the consistency of transactions on statements.” 

But the mortgage adviser, who runs Russell Financial Solutions LTD, in Essex, explained it is more to do with lenders being concerned about recurring transitions, rather than what you are doing with your money. 

He added: “This is not necessarily due to the nature of the transaction, it has more to do with the number of transactions. 

“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.”

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He also added that if a mortgage lender is concerned about how much you are spending then it may reduce the amount they want to lend to you.

If you’re a regular Only Fans subscriber and know that any forensic analysis of your account could flag up more than just one or two payment, there’s no need to panic ahead of meetings with your mortgage lender.

Glen added: “When applying for a mortgage, you need to prepare yourself for what you’ll be asked.

“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.”

It’s likely that a bank or building society will ask for three months' worth of statements, plus proof of your income and your deposit. 

You will also need a decent credit score and you may have to show how much you are spending on credit cards, loans, bills, travel and even childcare. 

Three high street banks – NatWest, Nationwide and Santander – confirmed to the The Sun that they do not turn down mortgage applications with customers who have Only Fans accounts in place. 

But they may scrutinise the spending of an applicant – including any subscriptions – as part of their checks on income and expenditure, and to make sure any repayments are affordable. 

New mortgage rules could make it easier for first-time buyers to get on the ladder – but prices could go up.

While a mortgage broker reveals her four top-tips for first-time buyers to bag their home.

Here's how one savvy saver cleared £14,000 worth of debt in just one year and she's now planning to buy a house.

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