Santander issues warning to customers 'over age 40' and says 'we know'

Santander has warned thes proportion of first-time buyers with dependants has doubled since 2009. Santander, one of the biggest banks in the country, warned the share of first-time buyers with at least one dependant has increased from 10 per cent in 2009 to 20 per cent in 2023.

Santander data shows more people getting their foot onto the first rung of the property ladder are now families. One suggestion for this change is the increasing average age of first-time buyers, with one-in-five buyers now over the age of 40, according to Santander customer data.

Customers buying a home later in life may be more likely to have started a family or be caring for older parents in their home. According to the Office for National Statistics, in 2022 the average first-time buyer was 36 years of age, an increase of four years compared to 32 in 2004.

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Graham Sellar, Head of Business Development, Mortgages at Santander, commented: “Buying your first home is one of life’s major milestones. With the average age of first-time buyers increasing in the past two decades, it seems more buyers are reaching other key moments, such as having children, before getting their foot onto the property ladder.

"We know that for families who are juggling finding a suitable property in an area with access to good local schools, against the costs of bringing up children such as childcare, saving for a dream home can prove challenging.” The figures are based on Santander customer data and based on Santander mortgage data, Q1 2024.

The research was also based on ONS data included in the April 2024 Milestones: journeying through modern life report. Santander’s maximum lending age is 75, and a minimum mortgage term is five years, the bank website explains to its current account holders in the UK.