Social media influencers serve a big role in today’s digital era, something we cannot overlook. Influencers seem to be everywhere on the internet, whether you are browsing your socials, watching TV, listening to podcasts, or searching for videos on youtube. It is true to say that most of the things we do are influenced by social media influencers in one way or another, whether consciously or unconsciously.
Like many other careers in the digital market, social media influencers have different ways of making income. Generally, most of them choose a particular niche to focus on and build a vast following across their social media channels. So as their options grow in different social media platforms, their money-making opportunities become more.
Most social media influencers make money through sponsored posts, display advertising, photo sales, video sales, affiliate marketing, and promoting their own products. Most of them get endorsements based on the number of followers they command and the values they uphold.
But how exactly a social media influencer makes it through digital advertising and marketing varies. It may largely depend on the number of programs and brands they represent, the amount of content they dedicate to promoting a particular brand, and the commission they earn in eligible purchases.
Of course, the number of followers they command matters a lot. But we have seen professional bloggers make more than £2000 a month depending on their marketing affiliations.
Social Media Influencer Mortgage
The main focus of a mortgage lender when determining someone’s eligibility for a loan is income and credit history. When we talk about income, the lender must consider the sustainability of the borrower’s income. A mortgage lender has to ensure that your income has not only risen one year, and then it drops as soon as you become irrelevant.
Now the question is, do mortgage lenders accept the way social media influencers are paid or earn income? They also have to consider the 5minute influencers. Well, getting a mortgage as an influencer is not as big a deal as you may assume. The only tricky bit is getting the mortgage at regular rates because lenders consider the latest years’ income.
Many social media influencer mortgage lenders evaluate the income by looking at the last two years’ income, and net profit if the influencer is a sole trader or dividends if the influencer has incorporated a limited company. ”Since lenders will be looking at your earnings, it is crucial to file your tax assessments before applying for a self-employed mortgage, and listen to the experts at Right Mortgage UK advice.
Do Mortgage Lenders Favour Certain Types Of Influencers?
The truth is, social media influencer mortgage lenders are not interested in a particular type of influencer (youtube, Instagram, TikTok, etc.). The lenders focus more on the consistency of the income.
New influencers may find it more challenging to obtain, especially when their accounts are no more than a year old. However, evidence of various income streams can go a long way in earning a mortgage lender’s favour.
The Bottom Line
With a story or explanation that can be evidenced, it is easier to discuss your social media influencer mortgage options.
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