Santander, a prominent mortgage lender, reported that over 20% of its first-time homebuyers in the current year are above the age of 40, with the oldest borrower being 70 years old.
Due to escalating house prices and changing life circumstances, individuals are increasingly delaying their entry into homeownership. This trend is reflected in Santander’s data, showing a rise in the proportion of older first-time buyers in the mortgage market. In 2025, 22% of first-time buyers were over 40, up from 18% in the previous year.
While the average age of first-time buyers has been nearing 40 in recent years, there has been a significant uptick in individuals over 60 purchasing their first property, marking a 14% increase from the previous year.
Santander disclosed that their oldest first-time buyer this year was 70 years old, compared to 67 in 2024. The lender imposes a maximum lending age of 75 for capital and interest repayment mortgages and 70 for interest-only mortgages.
Conversely, there has been a decline in the proportion of buyers aged 25 and under over the past year, dropping by nearly a quarter. Despite this, the youngest first-time buyer in 2025 was 18 years old.
David Morris, the head of homes at Santander, emphasized that achieving homeownership is achievable at any age. He noted that regulatory changes have bolstered buyer confidence and highlighted the varying methods individuals use to secure a deposit, such as family gifts or long-term savings.
However, Morris pointed out a growing gap in first-time home ownership across different age groups, attributing this disparity to factors like stamp duty changes and limited housing supply. Lenders typically set age limits for mortgage applicants based on when the loan term will conclude, often extending up to 95 years old.
Although obtaining a first-time mortgage at an older age is feasible, lenders may impose restrictions on extending the term to reduce monthly payments for borrowers.