For many people, the recent interest rate rise will mean an increase in their outgoings at a time when incomes are already stretched. It is important, therefore, to consider how a rise in interest rates might affect your ability to meet your mortgage or rental payments.
Mortgages
Three in five first-time buyers depend on the bank of mum and dad in order to get onto the property ladder, according to research by Just Group. In the last five years, 61 per cent of FTBs relied on financial help from relatives in order to purchase a property. In comparison, just 20 per cent of FTBs relied on financial assistance from relatives 30 years ago.
