Santander has revealed how it helped a first-time buyer buy his first home at the age of 67, as the average age at which people take their first step onto the property ladder rises.
The mortgage provider’s data showed that one in five starters is now over 40 years old. But the 67-year-old customer was almost twice as old as the average first-time buyer, which shows how long many people have to wait to take out a mortgage. their first step towards homeownership.
Santander’s data comes after a recent report from the Office for National Statistics found that people were leaving their families and buying their own homes for the first time later in life.
In 2022, more than half of people would have their own home at the age of 36, compared to 32 in 2004.
It showed that many more customers over 40 were looking for a mortgage: almost 6,000 Agreement in principles completed in 2024 alone with Santander.
Graham Sellar, head of business development, mortgages at Santander, said: “Buying your first home is always a special moment and one of the most important milestones we mark throughout our lives.
“However, for a number of reasons, many people decide to rent or live with their family until later in life.
“At Santander we know that saving for a deposit and getting on the property ladder can be a challenge, especially for those who are also juggling rental payments. However, we are here to help our customers in any way possible – at any stage of life.”
Santander’s data comes just days later Nationally has published a report that one in five potential starters thought they would not be able to get onto the property ladder until they were forty.
Nationwide’s research found that the cost of living crisis had exacerbated pre-existing affordability problems.
Santander said that to help more people onto the property ladder faster, it has increased the maximum loan-to-value (LTV) available on new-build houses and flats to 95%, meaning aspiring homeowners will only need a 5% deposit need to buy a house. At home.
You can find more information about others starter schemes and mortgages here.