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 finding themselves entering the property market later in life. This trend indicates that many first-time buyers will carry mortgages well into their senior years.

Recent statistics from Santander reveal a growing trend of older first-time buyers in the mortgage market. In 2025, 22% of new homeowners were over the age of 40, up from 18% in the previous year.

While the average age of first-time buyers has been nearing 40 in recent years, there has been a noticeable surge in individuals over the age of 60 purchasing their first property, marking a 14% increase compared to the previous year.

Santander highlighted that their oldest first-time buyer in 2025 was 70 years old, compared to 67 in 2024. The lender imposes 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 is a decline in younger individuals aspiring to own their first property. The proportion of buyers aged 25 and under decreased significantly from 2024 to 2025, with the youngest first-time buyer this year being 18 years old.

David Morris, head of homes at Santander, emphasized that achieving homeownership is a timeless goal. He noted that this year has been favorable for buyers due to regulatory changes, instilling confidence that owning a home is feasible. However, Morris acknowledged the widening gap between younger and older generations in the realm of first-time home ownership.

Lenders typically set an upper age limit for mortgage applicants based on eligibility criteria. Factors such as rising property prices and increased life expectancy have led individuals to secure 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 many cases.

While obtaining a first-time mortgage at an older age is feasible, lenders may impose restrictions on extending the term to lower monthly payments for borrowers.

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