The average age of a first-time buyer in the UK has steadily been rising as house prices present affordability challenges, and there are plenty of people who step onto the property ladder later in life.
According to July 2024 data from the Yorkshire Building Society, first-time buyers are likely to be in their early 30s. This compares to 24 in the 1970s. So, if you’re planning to buy your first home later than you expected, you’re not the only one.
The good news is that there isn’t an age restriction for becoming a first-time buyer and, while there may be additional obstacles to consider, your goal could still be possible.
Here are five practical tips that could turn your homeownership aspiration into a reality.
1. Focus on improving your financial health
To secure a mortgage you need to demonstrate to a lender that you’ll be able to meet the repayments.
One way lenders assess this is by reviewing your credit report, which contains information about your credit situation. This will include your current debts, loan repayment history, and more.
So, if you want to improve your financial health, viewing your credit report may be a good place to start. There are three main consumer credit rating agencies in the UK (Experian, TransUnion, and Equifax), and you can view your own credit report for free without affecting your credit score.
The report will highlight potential red flags to lenders and help you identify what steps you could take to improve your mortgage application.
Alternatively, if you find that previously missed payments, county court judgments, or other issues could prevent you from securing a mortgage with a traditional lender, you may choose to approach a specialist.
Improving your financial health and credit report can take some time. Even if you don’t plan to buy a home for a few years, prioritising this step could be important and make all the difference when you’re ready to apply for a mortgage.
2. Be prepared to save a larger deposit
“Mortgage term” refers to how long you’ll repay the amount you borrow to purchase a home. There are mortgages available with terms as long as 40 years. However, as an older buyer, you might need to opt for a shorter term.
As a result, to purchase the home you want and secure a mortgage, a larger deposit than the traditional 10% could be useful.
According to the Halifax House Price Index, in April 2025, the average home in the UK was worth almost £300,000. So, if your goal is to save a 30% deposit, you’d need £90,000. Keep in mind that house prices vary significantly across the country, so you may want to research your local area when setting a deposit goal.
If you have assets, such as savings or investments, you want to use to fund a property purchase, a financial adviser may help you understand where to withdraw the money from to balance other goals.
Saving a larger deposit could have other benefits too. As you would hold more equity in a property than a typical first-time buyer, you might pay a lower interest rate.
3. Calculate your mortgage affordability
Being informed about how much you’re likely to be able to borrow could help you set realistic goals and approach the right lender for you when you’re ready to buy a property.
Typically, you can borrow around five times your annual household income. However, other factors play a role in the decision too, including your credit report and other debt you hold. Your age might also be a consideration if you need to take out a mortgage with a shorter term, as your repayments would be higher.
As well as doing your own calculations, applying for an agreement in principle could be useful.
An agreement in principle won’t affect your credit score and isn’t a guarantee. However, it could give you an idea of how much different lenders would be willing to offer through a mortgage and whether the repayments would fit into your budget.
We could help you complete an agreement in principle and decide if the lender is the right option for you.
4. Create a retirement plan
If your goal is to buy a home, you might have put off creating a retirement plan, but it could be a useful step towards homeownership.
Mortgage lenders will typically want you to finish paying off your mortgage before you retire. So, having a clear retirement date could be important when you’re applying for a mortgage.
Some lenders will allow the mortgage term to extend beyond retirement, which could provide you with greater flexibility. However, they’ll still want you to demonstrate that you can meet repayments after you’ve given up work.
As a result, spending some time assessing your pensions and other assets could give mortgage lenders confidence in your long-term affordability.
For example, if you have a defined benefit pension (also known as a final salary pension) or plan to purchase an annuity with the money held in a defined contribution pension, you will receive a regular income in retirement. This information could show lenders that you’re able to continue paying a mortgage.
5. Work with a mortgage adviser
Buying your first home can be difficult to navigate at any stage of life, but a mortgage adviser could be on hand to offer you support when you need it.
We could help you calculate affordability, offer advice when you’re comparing different lenders, and more to support your application and turn your dream of buying a property into a reality. If you’d like to talk to our team about mortgages, please get in touch.
Please note: This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
