More than half of first-time buyers could still be making mortgage repayments after turning 65, new figures from Experian reveal. The credit reference agency found that 52 per cent of people buying their first home may be aged 65 or older by the time their mortgage term ends, underscoring the growing challenge for those seeking to enter the property market.
Rising age and larger loans
The average age of a first-time buyer has increased to 34.7, up from 33.7 in 2024. Experian noted a decline in buyers aged 18 to 24, while the number of first-time buyers aged 35 to 44 has risen significantly. As buyers delay purchasing a home, they are also taking on larger mortgages. The average mortgage for a first-time buyer now stands at £230,000, a 5.5 per cent increase, compared to £202,000 for those who have owned a home previously. In 2025 alone, first-time borrowers borrowed £115 billion in mortgages, accounting for 39 per cent of all mortgage lending.
Financial pressures mount
John Webb, Consumer Affairs Expert at Experian, commented: "The data shows a clear trend: the goalposts for first-time buyers keep moving. With buyers taking on larger loans later in life, and many facing the prospect of paying off their mortgage into retirement, getting your financial ducks in a row early has never been more critical."
Despite the challenges, Experian highlighted some positive signs. The overall credit quality of first-time buyers improved by 0.4 per cent, while average monthly mortgage payments fell from £1,232 to £1,157 as interest rates eased. Webb added: "The mortgage market is intimidating, but your credit score doesn't have to be. We want people to realise that with the right information, they have more power than they think."
The figures emerge amid continued affordability pressures in the housing market, with many prospective buyers needing to save larger deposits and borrow more to secure a first home. Consequently, more people are buying later in life and facing mortgage repayments that extend well beyond traditional working age.
