Key Advantages for Engineering Contractors
- Offshore/Day Rate Premiums Counted at Full Value
- Many engineering consultants command higher rates for hazardous or remote work (e.g., oil rigs, nuclear plants). Specialist lenders assess these premiums at 100% value, rather than applying discounts like high-street banks.
- Example: A £650/day offshore structural engineer could qualify based on £143,000 annual income (220 working days).
- Long-Term Infrastructure Projects as Income Proof
- Multi-year government or private sector contracts (e.g., HS2, renewable energy projects) are treated as stable income, even if technically freelance.
- Lenders may accept signed project agreements as evidence of future earnings.
- Chartered Status Benefits
- Professional credentials (CEng, IEng) demonstrate expertise and career longevity, often leading to:
- Higher loan-to-value ratios (up to 90%)
- Lower interest rates (0.25–0.5% reductions)
- Flexibility for those recently transitioned from permanent roles
- Professional credentials (CEng, IEng) demonstrate expertise and career longevity, often leading to:
Case Study: Nuclear Engineer Secures £390k Mortgage
We recently helped a chartered nuclear engineer with:
- Only 9 months contracting history (vs. typical 2-year requirements)
- Mixed UK/international assignments (Middle East premium rates)
- Complex payment structure (lump sums, retention bonuses)
Solution:
- Lender treated offshore premiums as permanent income
- Used signed 3-year reactor project contract as proof of stability
- Chartered status allowed 85% LTV at 4.3% (vs. 5.1% standard)
Pro Tips for Engineering Applicants
- Group similar contracts – Show consistency in your specialty (e.g., bridge design)
- Explain project pipelines – Outline secured/upcoming work to ease lender concerns
- Use sector-savvy brokers – They know which banks understand FIFO schedules