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Google launches UK mortgage comparison service

Google has launched a UK mortgage comparison service after striking a deal with Avelo Trigold to provide whole of market mortgage data.

The comparison service lists products that are available direct from lenders and via brokers. Where products are available only through a broker, users are passed to one of 10 brokers Google has selected, who pay Google for each lead.

The brokers include Turnkey Mortgages, Your Mortgage Decisions, Think Loans Mortgages, Which? Mortgage Advisers, Charwin Private Clients, First Union Mortgages, If I Were You, Mortgage Pro, A Mortgage Now and Sensible Home Finance.

A Google search for “mortgages” brings up the ‘Compare Mortgages with Google’ option. This provides a list of criteria users can fill in anonymously in order to see the products available to them.

Lenders who have commercial agreements with Google will have their contact details and website link displayed. Google will be remunerated on a cost-per-click or cost-per-call basis with these lenders.

Those who do not have commercial terms with Google will only have their name displayed.

Google says its code of conduct ensures brokers do not take a total fee of more than 1 per cent of the mortgage value and encourages clients to complain where they feel they have not received good service.

The mortgage comparison service is part of plans announced in April to launch financial comparison functionality through its search engine, while reducing the presence of BeatThatQuote.

Google bought BeatThatQuote in March 2011 for £37.7m. Google closed down its old mortgage comparison site UK Compare Mortgages last year.

Google product management director John Paleomylites says: “Over the last few months we have launched new comparison services for credit cards, current and savings accounts and 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.”

Brokers interested in joining the panel can contact a sales representative on the BeatThatQuote team.


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There are 10 comments at the moment, we would love to hear your opinion too.

  1. UK tax avoiders!!!!!! I don’t like them at all.

  2. Haven’t Google just shot themselves in the foot? Surely some of their biggest PPC clients are their now rival price comparison websites. Also as a mortgage broker, why would I continue to pay money to Google on a pay-per-click basis when they are now directly competing against me? Also when/how did Google arrive at their panel of 10 broker firms? Was it put out to tender? Given that the former owner of BeatThatQuote, John Paleomylites, is now employed by Google as the Product Management Director, I suspect these 10 brokers were merely the Top 10 clients of John’s BeatThatQuote company. Superb business for John who pocketed £37.7 million from the initial sale, but hardly ethical or fair. Maybe the MM journalists should take a closer look at these relationships??

  3. RegulatorSaurusRex 10th December 2012 at 3:42 pm

    Is this service regulated?

  4. Tax Avoidance is not a crime, the construction of tax law with so many loopholes is lamentable, these firms exploit bad tax law. Uk Gov needs to step, grow a set of cohonas and get rid of the loopholes.

    I for one, had I been clever enough during my lifetime, would have loved avoid paying UK tax to these idiots who have put our country in to hock and who threaten our future prosperity with their profligate spending.

    Don’t send your vitriol to those who work within the law, write to your MP and complain about their lack of due care and attention to our country’s finances, which are in such a mess, even the current prudent approach will take many years to get our country back into the black. Tax Avoiders did not cause our country’s problems our MPs did

  5. Google you ought to be ashamed of yourself!! Have you seen how much some of your ‘preferred panel of brokers’ will be charging the public? Turnkey Mortgages charge £1,995; Your Mortgage Decisions as minimum of £1,995 + 0.1% for every year of the mortgage term up to £4,995!!! First Union Mortgages £1,000 to £3,000; some of these brokers don’t even tell the public how much they charge on their website, which I’m led to believe is an FSA requirement. I hope someone like Martin Lewis or another journalist exposes this for what it is, otherwise the public will be hoodwinked by the Google brand name.

  6. Agree with previous comments. Why would Google alienate it’s current customers (including me!) by selling leads to a panel of just 10 firms? They’re now competing against their own customers. Regardless of how much I bid for keywords in the future, Google is guaranteed to be top of the results on Page 1.

  7. Its no different to moneysupermarket etc just that they will always appear at the top of the Google rankings. Which makes a mockery of SEO for your site. However, the top 3 results you couldn’t apply for using Google and all the others were direct deals. Not really a serious threat to local brokers but a real threat to the likes of moneysupermarket.

  8. Now I have written about this subject before and I’m surprised many in the IFA community have not picked up on the significance of it.

    The fact is how can Google advertise a regulatory service without having authorised and qualified staff to run that service directly. Doesn’t the new mortgage regulations that are due to come into force in 2014 make the service redundant anyway. After all you won’t be able to take out a mortgage without receiving advice and it is illegal to advertise and market a product unless you have FSA registration under the Financial Services and Marketing Act 2000.

    Now the act does allow for registered introduces but and this is an important but the registered firm is responsible for all of the marketing and activities of that registered introducer. Google cannot be a registered introducer the 10 different brokers. I don’t suspect that Google will have the qualified staff themselves to carry out the mortgage deals let alone hold the relevant FSA authorisations.

    So isn’t it about time the regulator take action against companies breaking the Financial Servicing and Marketing Act 2000 regulations on the promotion of products and services.

    I asked a similar question about a well-known financial journalist running a well-known site a little while ago and never got a response from the regulator as I just stated that any investigation is confidential. Funny that is only confidential if you’re not regulated if you regulated a splash over the front page.

  9. What can I say this is very smart of Google. We all know that this is a trustworthy and reliable source of information and what it comes to choosing a mortgage provider it is going to be very convenient to use Google’s data base. I see some very negative feedbacks here… well it’s not this is a mandatory; it is an agreement both side are ok with. Don’t want to be on Google’s list and pay, then it is entirely up to you.
    Alicia from company

  10. marketing mortgage 21st December 2012 at 12:21 pm

    nice post, i like the way you gave the information to us.

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