Santander, a prominent mortgage lender, has disclosed that more than 20% of its first-time homebuyers in the current year are over 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. The trend of older first-time buyers is on the rise, with 22% of individuals purchasing their first home in 2025 being over the age of 40, an increase from 18% in the previous year.
Recent data from Santander indicates a noticeable shift towards older first-time buyers, with a significant 14% increase in individuals over the age of 60 purchasing their first property compared to the previous year.
Santander reported that their oldest first-time buyer this year was 70 years old, up from 67 in the year 2024. The lending institution enforces a maximum lending age of 75 for capital and interest repayment mortgages, and 70 for interest-only mortgages.
Conversely, while the number of older borrowers is on the rise, there has been a decline in younger individuals aspiring to own their first property. The percentage of buyers aged 25 and under has seen a sharp decrease over the past year, dropping by nearly a quarter from 2024 to 2025, although the youngest first-time buyer this year was 18.
David Morris, the head of homes at Santander, remarked, “Our recent data shows that it is never too late to achieve your dream of homeownership. This year has been particularly favorable for buyers, with regulatory adjustments instilling confidence in potential homeowners that owning a property is feasible.”
He added, “While various factors like stamp duty changes and limited supply continue to impact the market, there is still work to be done to address the growing gap between younger and older generations in terms of first-time home ownership.”
Typically, lenders set an upper age limit for mortgage applicants as part of their eligibility criteria. With rising property prices and longer life expectancies, individuals are increasingly taking out mortgages at later stages in life. The age limit often corresponds to the borrower’s age at the end of the mortgage term, which can extend up to 95 in some cases.
While obtaining a first-time mortgage at an older age is feasible, lenders may impose restrictions on extending the mortgage term if borrowers seek to lower their monthly payments.