Posted 29 Jun 2019

If you are an oil or gas network engineer, you’ll be working in highly technical and sometimes dangerous surroundings. Because of the health and safety implications that are linked to your job, you may find that many high street lenders will not consider you for a mortgage because of the dangerous nature of your work. There are safety risks in what you do for a living, especially if you are a pipeline engineer and can be based offshore for several months at a time. A lender needs to be sure that as a borrower, you can meet your monthly repayments.

Your pay structure could also be unfavourable to a lender if you are a contractor. If so, you’ll not be on a steady salary like someone in full-time employment, and could possibly be on a daily or hourly rate, making it difficult to prove a regular, steady income that could easily meet mortgage repayments.

Many oil and gas contractors seek advice from mortgage specialists (such as iam mortgages), who can advise on special mortgage deals for their needs. Some also consult underwriters directly to explain their circumstances in more detail. If you decide to contact an underwriter, they will assess your mortgage application based on your gross contract rate.

Many lenders prefer to receive applications from oil and gas engineers and contractors through specialist brokers who can highlight key points that enable them to make a decision on an application (and give some indication of how much a contractor can borrow).

Another issue gas engineers face is that their contracts can be very brief, meaning either fluctuations in pay or periods with no income until a new contract starts. This can be high risk for lenders, so you may have to pay a higher interest rate when securing a mortgage deal.


If you are a gas engineer working as a contractor and would like to apply for a mortgage, get in touch and tell us more about your circumstances at iam mortgages. Our team of experts can help you find specialist lenders that will consider your application carefully and secure a mortgage deal that suits your needs.