An interest-subsidised ASP savings account or a savings fund? Pick the right way to get on that property ladder. 1. If you are under 31 you can count yourself lucky: the state will lend you a helping hand in saving for your first home. When you put aside 10 per cent of the price of your home on an ASP savings account, the state will guarantee your mortgage. The interest rate on the account is also relatively high with a two-per cent additional interest paid on the sum once the saving target has been reached. An ASP account holder is also exempt from paying tax on the interest, which normally amounts to 30 per cent.
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2. An ASP mortgage has the benefit of being secure. If the interest rates go up the state pays an interest subsidy on the loan, which in practice means that it pays some of the interest charged on the mortgage for the first ten years. 3.