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Google axes UK mortgage plans

Google has scrapped plans for a UK mortgage comparison service after closing its US version.

Google Advisor Mortgage was set up in the US two years ago and came to form part of the online Google Advisor website in July, which allowed investors to search and compare financial offers from a range of providers. Google also offered mortgage comparison services in other countries.

It launched a UK trial version of the service in July under the name UK Compare Mortgages. The website was suspended in September with a message saying it was being revamped.

Google has confirmed it began scaling back the service globally in November and closed it completely this month.

It says the service was not as successful as it had hoped. A spokesman says: “We have been prioritising our product efforts, which means taking a hard look at products that have not been as successful as we would have hoped. We have closed down the mortgage search feature.”

Last March, Google bought comparison site Beatthatquote. com for £37.7m, which includes a mortgage quote service.

London & Country associate director of communications David Hollingworth says: “A lot of comparison firms pay Google to get traffic through its search engine and this would appear to be in competition with that.”

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. I wonder how many other compare sites will be closing down due to recent changes to mortgage regulation, requiring customers to receive advice from 2013 onwards. At least the regulator is doing one thing right in supporting advice models.

  2. Avenue & Co Private Finance 8th February 2012 at 1:48 pm

    In the current marketplace, people are struggling with tougher lender criteria across the board.

    Gone are the days when anyone could obtain the cheapest rates, now they need advice from a good broker to get the deal done – and that cannot be found on any price comparison site.

  3. Matthew Williams 8th February 2012 at 2:55 pm

    This is good news for the broker. Hopefully it will help the issue of dual pricing in the long run. If lenders need to get their volumes they know they will need to turn to the humble broker again.

  4. … But google sold its finance leads to its brokers and still does via beat that quote. little change IMHO.

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