Budget 2013: Govt commits £3.5bn to First Buy

Osborne revealed in his Budget that he hoped to allow home buyers with smaller deposits to get onto the housing ladder. This will see the First Buy scheme extended to include all buyers wishing to purchase a new build home. The scheme will also be extended to include all properties valued at less than £600,000. Buyers will raise a deposit of 5% while government will contribute 20% of the sale price. The loan will be interest free for five years. "We're going to commit £3.5bn of capital spending over the next three years to shared equity loans," Osborne told the House of Commons. "F...