Santander, a prominent mortgage lender, has disclosed that over 20% of its first-time homebuyers this year are aged 40 or older, with the oldest borrower being 70 years old.
Due to escalating house prices and evolving circumstances, individuals are finding themselves entering the property market later in life. Consequently, many first-time buyers are facing the prospect of carrying mortgages well into their senior years.
Recent data from Santander indicates a rising trend of older individuals entering the mortgage market, with 22% of first-time homebuyers in 2025 being over 40 years old, up from 18% in 2024. Notably, there has been a significant increase in the number of individuals over 60 purchasing their first property, showing a 14% rise compared to the previous year.
Santander’s records reveal that the oldest first-time homebuyer this year was 70 years old, up from 67 in 2024. The bank has set a maximum lending age of 75 for capital and interest repayment mortgages, and 70 for interest-only mortgages.
On the contrary, the proportion of buyers under the age of 25 has seen a sharp decline over the past year, dropping by nearly a quarter from 2024 to 2025. Despite this trend, the youngest first-time buyer in 2025 was only 18 years old.
David Morris, head of homes at Santander, commented, “Our recent data demonstrates that achieving homeownership can happen at any stage of life. This year has been particularly favorable for buyers, with regulatory adjustments instilling confidence in aspiring homeowners that owning a property is attainable.”
Morris added, “While many have realized their homeownership dreams through various means such as family support, inherited wealth, or diligent savings, there remains a widening gap between younger and older generations in terms of first-time home ownership. This disparity is influenced by factors like stamp duty changes and limited housing supply.”
Lenders commonly impose an upper age limit on mortgage applicants as part of their eligibility criteria. In addition to soaring property prices, the trend of taking out mortgages at older ages is also influenced by increased life expectancy. Typically, the age limit corresponds to the borrower’s age at the end of the mortgage term, which can extend up to 95 in certain 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.