Santander, a prominent mortgage lender, has reported that over 20% of its first-time homebuyers in the current year are above 40 years old, with the oldest borrower being 70. The trend of increasing house prices and evolving life circumstances has led individuals to delay homeownership until later stages in life, potentially resulting in carrying mortgages well into their senior years.
Recent data from Santander indicates a growing proportion of older individuals entering the mortgage market, with 22% of first-time buyers in 2025 being over 40 years old, up from 18% in the previous year. While the average age of first-time buyers has been gradually approaching 40, there has been a significant surge in individuals over 60 purchasing their first homes, marking a 14% increase compared to the preceding year.
Santander disclosed that its oldest first-time buyer this year was 70 years old, compared to 67 in 2024. The lending criteria set by the bank imposes a maximum borrowing age of 75 for capital and interest repayment mortgages and 70 for interest-only mortgages.
Despite the rising number of older borrowers, there has been a decline in younger individuals venturing into the property market. The percentage of buyers aged 25 and under has notably decreased over the past year, dropping by nearly a quarter from 2024 to 2025. Nevertheless, the youngest first-time buyer in the current year was 18 years old.
David Morris, head of homes at Santander, emphasized that achieving homeownership remains attainable at any stage in life. He highlighted the impact of regulatory changes that have boosted buyers’ confidence in securing a home, whether through family assistance, inherited wealth, or diligent savings efforts spanning decades.
Morris also pointed out the widening gap between younger and older generations in terms of first-time home ownership, attributing this disparity to factors such as stamp duty modifications and limited housing supply. Lenders typically establish an upper age limit for mortgage applicants based on when the mortgage term concludes, reflecting both higher property prices and longer life expectancies leading to individuals seeking mortgages later in life.
While obtaining a first-time mortgage at an advanced age is feasible, lenders may impose restrictions on extending the term to accommodate reduced monthly payments for borrowers.