BBC Democracy Live - Cable hails 'ambitious' new mortgage scheme 21 March 2013 Last updated at 14:28 Help The government has defended its new mortgage guarantee scheme after accusations from Labour that it could be used to subsidise second homes. The Help to Buy scheme, unveiled in the Budget, will run for three years from the start of 2014 and will be used to support £130bn of mortgages for old and new homes. Business Secretary Vince Cable told MPs it was a "major" and "ambitious" policy but admitted it "has not yet been designed in detail." Shadow chancellor Ed Balls said it was an "absolute shambles" and branded the policy the "spare-homes subsidy," as MPs spent a second day debating the Budget's contents on 21 March 2013. Mr Balls criticised the fact the scheme appeared to be open not only to first time buyers, but also to existing homeowners, claiming millionaires would be able to take advantage of the subsidy to purchase a second home. "It's subsidised mortgages for millionaires, or should I say a 'spare-homes subsidy'," he said. Mr Cable refused to confirm whether second home purchases would be covered by the scheme. The chancellor is going to consult on how this major reform to the housing market will actually be implemented. It recognises the fact that in the mortgage market there are many complex products; for example, many parents support their children's housing acquisition. "That kind of transaction has to be properly analysed before this scheme is launched," he said.