Santander, a prominent mortgage lender, has disclosed that over 20% of its first-time homebuyers this 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 finding themselves entering the property market at later stages in life. This trend is leading to an increasing number of first-time buyers carrying mortgages well into their senior years.
Recent data from Santander indicates a significant rise in older first-time buyers securing mortgages, with 22% of those purchasing their first home in 2025 being over the age of 40, up from 18% in the previous year. Moreover, there has been a notable 14% increase in individuals over 60 purchasing their first property compared to the previous year.
Santander reported that their oldest first-time buyer in 2025 was 70 years old, compared to 67 in 2024. The bank enforces a maximum lending age of 75 for capital and interest repayment mortgages and 70 for interest-only mortgages.
While the number of older borrowers is on the rise, the opposite trend is observed for younger aspiring homeowners. The proportion of buyers aged 25 and under has dropped significantly from 2024 to 2025. However, the youngest first-time buyer this year was 18 years old.
David Morris, head of homes at Santander, emphasized that achieving homeownership remains achievable at any age, highlighting the positive impact of regulatory changes on buyer confidence. He acknowledged the diverse paths individuals take to secure a home, whether through family support, inheritance, or diligent saving over the years.
Morris also pointed out the widening gap in first-time home ownership between younger and older generations, attributing it to factors like stamp duty changes and limited housing supply. Lenders typically set an upper age limit for mortgage eligibility, considering factors like life expectancy and the borrower’s age at the end of the mortgage term, which can extend up to 95 years in some cases.
Although obtaining a first-time mortgage at an older age is feasible, lenders may impose restrictions on extending the term to accommodate reduced monthly payments for borrowers.
In conclusion, the evolving landscape of first-time home buying reflects a mix of challenges and opportunities for individuals across different age groups, as they navigate the intricacies of the housing market and mortgage financing.