How the budget will affect you: if you’re buying a home next year, pay attention

Help to buy: Equity

■ New build only

■ You’ll need a minimum five per cent deposit to qualify

■ The government will lend you up to 20 per cent of the value of your property through an equity loan, which can be repaid at any time or on the sale of your home

■ You will need to secure up to a 75 per cent mortgage from a bank or building society

■ The expanded scheme is available from 1 April 2013 and it will run for three years.

Help to buy: Equity Loan

■ New build and existing homes

■ You’ll need a minimum five per cent deposit to qualify

■ Available to existing homeowners as well as first-time buyers

■ You’ll need to secure a mortgage for your purchase. The government guarantee will encourage lenders to offer better access to low-deposit mortgages

■ Available from January 2014, this scheme will run for three years

■ Maximum home purchase of £600,000