Google has launched a new comparison site which will search the whole of the UK mortgage market for the best deals.
The new service appears in search results when a customer searches for ‘mortgages’ and other related terms. Anyone using the service will be shown the top rates for different types of mortgage and customers can also choose to input details to find deals which specifically meet their needs.
Google had previously operated a mortgage comparison site called UK Compare Mortgages, but suspended it in February.
The search engine giant bought comparison site BeatThatQuote in 2011 and said they wanted use the expertise of both companies to create better customer experiences.
Google expands into financial services
The introduction of the mortgage comparison service follows the creation of other financial comparison tools operated by Google such as a car insurance service launched in September and a credit cards and bank accounts comparison unit launched in April. The company is expected to move into other areas over the coming months.
John Paleomylites, product management director at Google, said: ‘Over the last few months we have launched new comparison services for credit cards, current & savings accounts & car insurance. We are now adding mortgages to our comparison family making it easier for customers to find the best deal for their individual circumstances.”
First glance at Google’s mortgage comparison site
The website is easy to use and all the basic information you would expect to know about a mortgage such as initial rate, fees and overall cost are displayed clearly for each deal.
- Tailored results without lengthy form filling – Users can also get search results tailored to them without the need to enter lots of personal details. Instead, they can choose to enter some basic information about the kind of mortgage they want and add more detail if they want more specific results.
- Mortgage deals from the whole of the mortgage market – The service looks at mortgages across the whole of the market, covering deals available directly from lenders as well as those you would need to purchase through a broker.
- Can apply direct with some lenders – For direct deals where Google has a commercial relationship with a lender, it will display the lender’s logo, and you are able to apply via for a mortgage via the lender’s website. Google is paid for every click through to the lender’s website. But for other lenders, you will just see a brand name and no click-through option.
- Option to be contacted by a broker – For deals available through brokers, customers are given the option to provide their phone number and email address so they can be contacted by one of Google’s panel of brokers. After they have given their details, customers will be informed of which company will be contacting them; but customers cannot choose a broker for themselves.
- Brokers signed up to a code of conduct – There are 10 brokers on the panel and all have agreed to operate under Google’s code of conduct which includes covering the whole of the mortgage market, only receiving fees or commission of up to 1% of the total mortgage cost and only attempting to contact users on a maximum of three occasions.