Offshore rates, rotation patterns, and international contracts are understood by specialist lenders. Your day rate is your income.
Oil and gas contractors often earn among the highest day rates in the contracting market — £500–£1,500/day or more for senior roles — but their income structure creates problems with mainstream mortgage assessment. Rotation working patterns mean fewer working days than a standard 5-day week. Contracts are frequently international. Income often includes allowances and offshore premiums that standard lenders don’t know how to handle.
High-street lenders also struggle with the limited company structure common in oil and gas contracting — seeing a low salary and missing the contract income entirely. The result is a mortgage offer that bears no relationship to what the contractor actually earns.
Specialist lenders understand rotation patterns, offshore contracts, and how to extract the right income figure from an oil and gas contracting arrangement. The calculation requires more nuance than a standard 5-day week but the same core principle applies: day rate × working days = assessable income.
Standard 5-day week: £700/day × 5 days × 46 weeks = £161,000/year 2 weeks on / 2 weeks off (offshore): £700/day × 5 days × 26 weeks on = £91,000/year 3 weeks on / 3 weeks off: £700/day × 5 days × 22 weeks on = £77,000/year
Some lenders annualise differently. The above uses actual days worked. Allowances and offshore premiums are assessed separately and not always included.
The number of working days in your annual rotation determines the annualised income figure. 2-on-2-off, 3-on-3-off, and other patterns are all calculable. Bring your rota schedule to any broker conversation.
Contracts paid in foreign currency, or UK contractors working abroad, require careful handling. Some lenders will accept foreign currency income; others require UK-based earnings. Currency exchange and jurisdiction matter.
Subsistence allowances, offshore premiums, and other supplements are not always included in mortgage income calculations. The base day rate is the core figure; additions are lender-specific.
Seasonal layoffs and inter-contract gaps are common in oil and gas. Consistent 12-month earnings history with explainable gaps is manageable with specialist lenders.
Yes. Specialist lenders assess oil and gas contractors on their contract day rate or offshore daily rate. Rotation patterns (2 weeks on, 2 weeks off) and international contracts can be accommodated by experienced lenders.
Lenders annualise the offshore day rate based on actual working days in the rotation pattern. A 2-on-2-off rotation equates to approximately 182 working days per year. The annualised income is then assessed using a standard income multiple.
Some lenders will accept USD or EUR income from established operators, particularly in Aberdeen or North Sea contexts. This requires specialist handling and affects lender choice. It’s workable but not straightforward.
The umbrella PAYE route exists in oil and gas. The same umbrella contractor mortgage principles apply — specialist lenders can assess on the gross assignment rate rather than take-home. Rotation working days are used for annualisation.
We understand rotation patterns, offshore contracts, and the income structures that stop mainstream lenders in their tracks.
Book a free call →Chris
CII CF1 · CF6 · ER1 — Contractor mortgage specialist
30 years inside UK mortgage lending. Chris has worked with oil and gas contractors from Aberdeen to the North Sea, handling rotation patterns, offshore allowances, and international contract income.
Page reviewed July 2026.