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Consumer behaviouDecision making processBorrowing constraintsLyfe cycleIncomeIntergenerational transfersLiquidity constraints
Introduction: A general guideline was introduced on October first 2010 regarding a mortgage cap, limiting the degree of leverage of housing as collateral. Through the new guidelines the marked conditions concerning consumers? choice of mortgage has changed. The consumers are limited in the sense that they can?t only use mortgage when purchasing a house. In this context there is a higher burden on the consumers in different aspects. In this study we intend to investigate how the consumers? conditions affect choice of financing option when buying a home.Purpose: The study aims to highlight how consumers situation affect the choice of financing option. Furthermore, the study intends to describe the consumer?s choice of financing. That is how the consumer approaches the purchase with the mortgage cap of 85 per cent.Method: For the study, we have used a quantitative research method. The starting point has been a deductive study, where we from theory collect empirical data. In the collection of empirical data we used a convenience sample.Theory: The study?s frame of reference includes a description of the financing options that consumers can use. Further, how the decision-making process appears in the choice of financing a house purchase as well as how socio-demographic factors; age, income and family affect the process and choice of financing.Conclusion: The study shows that age and income are the two socio-demographic factorsthat have the greatest impact on consumer choice of option in the decision-makingprocess. Further, data from the study shows that mortgage and own savings are the mostrecurring funding option that consumers use. In the use of private loans, we see thatconsumers? families have a great influence, since the majority have received private loansfrom their parents. Similar relationship can be seen in the usage of guarantor. Forunsecured debt, we see that the use is concentrated among younger consumers.