by Mark Johnston
Google Launches Mortgage Comparision Site.
Google has recently launched a new comparison site which will search the whole of the UK mortgage market for the best deals.
According to some experts Google’s new comparison site is clearly a step forward for the housing market.
The search engine giant bought comparison site BeatThatQuote in 2011 and Google had previously operated a mortgage comparison site called UK Compare Mortgages, but suspended it in February, saying they wanted use the expertise of both companies to create better customer experiences.
Google has launched a UK mortgage comparison service after striking a deal with Avelo Trigold to provide whole of market mortgage data.
It appears that the main selling point of this site is that it allows consumers to enter personal details and see a list of mortgage deals that may be suitable for their specific needs.
Google’s newly-launched mortgage comparison tool will only sell leads to brokers who adhere to a strict set of requirements set by the internet giant, which includes a 1 per cent fee cap.
It will search loans that are available only through mortgage brokers, as well as loans offered directly by banks and other lenders. In all it will compare about 5,000 different mortgage deals.
At first glance it seems that 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. Although only time will tell!
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.”
Prolific Mortgage Finance director Lea Karasavvas said the emergence of such a large global brand in the market was an encouraging sign: “It is very encouraging to see a company with the size and reputation of Google providing a service like this to the mortgage industry”.
However, according to experts this is nothing groundbreaking, with the likes of Moneysupermarket.com and Confused.com already offering such a service. With these sites firmly established and familiar to consumers, Google may face an uphill struggle taking market share away from them.
John Miller, independent financial adviser and mortgage broker at Niven Financial, said: “It is obvious that Google wants to compete with Moneysupermarket.com. It looks like Google wants to dominate that market.”
The latest mortgage comparison offering from Google will not encroach on similar services as it is not a brand consumers associate with financial services, a digital marketing agency believes
It is important to remember that a mortgage is an important purchase decision for consumers, and according to Data monitor’s 2012 Financial Services Consumer Insight Survey only 10 per cent choose to take one out online. Most consumers prefer to discuss a mortgage with someone face to face.
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