RISING interest rates are a nightmare for mortgage holders but millions of Brits could still benefit from the hikes in the long run.
The rising cost of borrowing could help millions of young Brits boost their nest pots and get on the property ladder.
The Bank of England increased the base rate of interest from 4.5% in May to 5% in June.
Interest rates are now at their highest level in just under 15 years since September 2008.
It is also the 13th time in a row that the BoE has raised rates since December 2021 when they were at historic lows.