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Table 7 Arguments against taking a mortgage loan (decision = 0)

From: Developing financial competence about mortgage loans by informal learning using banks’ online calculators

Reference arguments

Concept mentioned [on webpage (w), in case (c)]

Ref.

N (%) of students

CG

EG

Term of fixed interest is very short

w/c

X

 

1 (4.3)

Term of the loan is very long/high

w/c

X

2 (9.1)

12 (52.2)

Percentage of repayment is very low

w

X

  

Total repayment is very high

w

X

  

Maintenance costs have to be considered

w

X

2 (9.1)

2 (8.7)

Development of interest rate after the term of fixed interest is uncertain

w

X

  

Common arguments brought up by students beyond reference arguments (N > 1)

Concept mentioned [on webpage (w), in case (c)]

N (%) of students

CG

EG

Debt remains after expiration of term of fixed interest

w

6 (27.3)

6 (26.1)

Free disposable monthly income is not enough/very low

w/c

4 (18.2)

3 (13)

Expenses for children have to be considered

w

2 (9.1)

2 (8.7)

Term of fixed interest is 10 years

m

2 (9.1)

 

Annual instalment is less than free disposable monthly income

w

 

6 (26.1)

Instalment can increase after expiration of term of fixed interest

w

 

5 (21.7)

Interest rate can increase after expiration of term of fixed interest

w

 

5 (21.7)

Due date of the purchase price is very early

w

 

5 (21.7)

Repayment of the loan lasts until retirement age is reached

w

 

4 (17.4)

There are no comparable offers

w

 

3 (13)

Unscheduled repayment is very low

w

 

2 (8.7)

Payment in advance/arrear

w

 

2 (8.7)

Expenses for contingencies must be taken into account

w

 

2 (8.7)

The calculator is confusing

w

 

2 (8.7)

More information is needed

  

2 (8.7)

  1. Ref. reference arguments, X part of the reference argumentation