Santander has revealed how it helped a first-time buyer aged 67 buy their first home as the average age for people to take their first step on the property ladder rises.
The mortgage lender’s data showed one in five first-time buyers was now over the age of 40. But it’s 67-year-old customer was almost double the age of the average first-time buyer customer highlighting how long many people must wait to take their first step into homeownership.
Santander’s data comes after a recent report from the Office for National Statistics revealed people were flying the nest from their family and buying their own home for the first time later in life.
In 2022, more than half of people owned their own home by 36 years of age, which increased from 32 years in 2004.
It revealed many more customers over 40 were looking for a mortgage, with nearly 6,000 Agreement in Principles completed with Santander in 2024 alone.
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”.
Santander’s data comes just days after Nationwide published a report that one in five would-be first-time buyers thought they would not be able to step on the property ladder until their forties.
The cost-of-living crisis, Nationwide’s survey found, had exacerbated affordability problems which already existed.
Santander said, to help more people onto the property ladder sooner, it had increased the maximum loan-to-value (LTV) available on New Build houses and flats to 95%, meaning that aspiring homeowners only need a 5% deposit to buy a home.
You can find out more about other first-time buyer schemes and mortgages here.
