Around 18% of first-time buyers are now aged 40 or over at a major high-street bank, with the lender helping a 67-year-old first-time buyer on to the property ladder.
According to Santander’s lending data, there have been nearly 6,000 agreements in principle (AIPs) completed with Santander in 2024 for customers aged 40 or over.
The oldest customer that the bank has helped to buy their first home so far this year was 67 years old, which is nearly double the average first-time buyer age of 36, the lender said.
Recent figures from the ONS (Office for National Statistics) show that, in 2022, more than half of people owned their own home by age 36, which is a rise from 32 in 2004.
Graham Sellar, head of business development, mortgages at Santander, said: “Buying your first home is always a special moment, and one of the major milestones we mark throughout our lives. However, for a number of reasons, many people are deciding to rent or live with their families until later in life.
“At Santander, we know it can be challenging to save for a deposit and get onto the property ladder, especially for those also juggling rental payments. However, we are here to help our customers in whatever ways we can – at whatever stage of life”.
The lender said that, to help more people onto the property ladder, the firm had increased the maximum loan to value (LTV) for new-build houses and flats to 95%.
Related: Cost of living pours cold water over first-time buyer plans
