New Google Mortgage Comparison Service
Google has recently rolled out its new mortgage price comparison tool. The latest product added to the search engine’s armoury will display above organic search results whenever someone types a mortgage-related term into the search bar.
The tool, released on December 10, provides users with information about loans available through banks and other lenders, as well as offers only available through mortgage brokers. According to Google, it will compare around 5,000 mortgage deals when determining results.
Customers who take out a loan through the service will pay a fee capped at 1% of the loan.
The launch comes after Google suspended its earlier mortgage comparison tool at the beginning of this year.
In the new comparison service, users can choose to look at general, best-value results for a number of differing mortgage types, or will be able to get a more specific quote by providing Google with some information about their requirements and circumstances.
The company maintains that any information they gather will be in order to improve user experience: “We will ask sufficient questions to allow the user to get meaningful search results.”
Google also stated that if users clicked through to a direct lender, the search engine will not record any personal data. If the user wants to get through to a broker, Google will only hold enough information to allow the broker to get back in contact.
In addition, the search engine requires that all companies involved in the mortgage comparison tool satisfy a code of conduct that provides for fair treatment of customers.
The launch follows hot on the heels of Google’s offering of car insurance comparisons, which launched in the UK in September this year.
Mortgages are now one of a host of comparison services now offered by Google. “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,” said John Paleomylites, a product director at Google.