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 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.