Will having Only Fans on my bank statement affect me getting a mortgage?

Will having Only Fans on my bank statement affect me getting a mortgage?

28th January 2023. The information within was correct at the time of publication but is subject to change.

Despite the sensationalist headlines you may have seen online, no; having Only Fans on your bank statement is not going to affect your mortgage application. Don’t get me wrong, there are people out there who have been declined by a mortgage lender and had Only Fans on their bank statements but that is just the tip… of the iceberg of what’s going on here. If we go a little deeper, I can explain more.

They weren’t rejected because some prudish underwriter (the people who decide whether you are accepted) is worried a borrower might become too preoccupied to remember to pay their mortgage. It’s more likely because they are concerned about the overall level of spending they can see on a bank statement.

You can spend your hard-earned money on what you want, so long as it’s legal. The banks want to lend money. That’s how they make money, and boy do they love making money. What they are interested in though is how much money somebody is spending.

Lenders will always consider your committed expenditure. These are things that you’re obliged to pay, repay, or couldn’t easily stop paying or reduce. Examples are credit card balances (even if they are interest-free), as they will have to be repaid at some point, car finance whether it be a hire purchase, PCP, or a personal loan, student loans (if you earn enough to repay them only, read more here), and child care costs. Then there are costs associated with owning a home; utilities, council tax, ground rent and service charges. They’ll often take into account travel and commuting costs too. If the total of these hits a certain threshold then the maximum amount you can borrow will start to reduce. It’s different with different mortgage lenders.

Most lenders don’t look at your individual costs for food and drink, clothes, and general spending. They use data provided by the Office of National Statistics, adjusted for the average costs in your area. Because of this, a big load of lenders don’t even ask to see your bank statements, especially as your mortgage broker will have already reviewed them and only recommended an affordable mortgage for you. Believe me when I say we’ve already seen it all so don’t be embarrassed about things in your bank statement no matter how short or long it may be.

However, some lenders do choose to go through an applicant’s bank statements with a tooth comb. It’s these lenders that people may have been rejected from due to high spending because the lender believes it will impact the borrower’s ability to repay the mortgage. It’s not because it’s Only Fans specifically. They’d have come to the same conclusion if they saw the same total spending level but instead of OF, it was theatre tickets, holidays, Steam, or even more pieces for your horny, I mean Hornby, model railway.

One thing lenders don’t like to see lots of though is gambling transactions. Even if you are winning or matched betting.

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