Santander, a prominent mortgage lender, has reported that over 20% of its first-time homebuyers in the current year are above the age of 40, with the eldest 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 a higher proportion of older adults securing mortgages for their first homes, as indicated by recent data from Santander. In 2025, 22% of first-time buyers were aged over 40, 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 property, showing a 14% increase compared to the prior year.

Santander specified that their eldest first-time buyer this year was 70 years old, a rise from 67 in 2024. The lending age limits set by the bank stand at 75 for capital and interest repayment mortgages, and 70 for interest-only mortgages.

Conversely, the data reveals a decline in younger buyers under the age of 25, with a nearly 25% drop from 2024 to 2025. Despite this, the youngest first-time buyer this year was 18 years old.

David Morris, head of homes at Santander, emphasized that achieving homeownership remains a viable goal at any stage in life. He highlighted the evolving landscape of the property market, with regulatory adjustments boosting buyer confidence in attaining their homeownership aspirations.

As the market contends with stamp duty alterations and a scarcity of housing supply, there is a widening gap between younger and older generations in terms of first-time home ownership. Lenders typically establish an upper age limit for mortgage eligibility, often aligning with the borrower’s age at the end of the mortgage term, which can extend up to 95 years in some cases.

While securing a first-time mortgage at an older age is feasible, borrowers may encounter limitations on extending the mortgage term to reduce monthly payments, based on the lender’s policies.