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 evolving circumstances, individuals are increasingly delaying their entry into homeownership. Consequently, many first-time buyers are now facing the prospect of carrying mortgages well into their later years.
Recent data from Santander indicates a growing trend of older individuals entering the mortgage market, with 22% of first-time homebuyers in 2025 being over 40 years old, a notable increase from the 18% reported in 2024. Furthermore, there has been a significant uptick in the number of individuals over 60 purchasing their first property, marking a 14% surge compared to the previous year.
Santander noted that the oldest first-time buyer this year was 70, compared to 67 in 2024. The lending criteria set by the bank specify a maximum age of 75 for capital and interest repayment mortgages and 70 for interest-only mortgages.
Conversely, while the population of older borrowers is on the rise, there is a declining trend among younger individuals aspiring to own a home. The proportion of buyers aged 25 and under has notably decreased by almost 25% from 2024 to 2025, although the youngest first-time buyer this year was 18 years old.
David Morris, head of homes at Santander, emphasized that achieving homeownership remains attainable at any stage of life. He highlighted that this year has been favorable for buyers, with regulatory changes instilling confidence in prospective homeowners. Morris also pointed out the widening gap between younger and older generations in terms of homeownership, attributed to factors such as stamp duty adjustments and limited housing supply.
Typically, lenders impose an upper age limit for mortgage applicants as part of their eligibility criteria. With rising property costs and longer life expectancies, individuals are increasingly securing 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 years in some cases.
While 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.
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