New comparison site could mean better mortgage deals
Google has launched a website designed to search for and compare the UK's most attractive mortgage packages
Users will see the new resource whenever they go to the search engine and enter the word 'mortgages' and other similar terms. The best rates for different mortgages will be shown
, and customers will be able to locate suitable deals
by keying in details of what they need.
Google's previous mortgage comparison site, UK Compare Mortgages
, was suspended by the company earlier in 2012. The new initiative, which combines Google's expertise and technology with BeatThatQuote, a comparison site it acquired in 2011, marks the search engine's further expansion into financial services
Other financial comparison sites established by Google this year include a car insurance service and search resources for credit cards and banking
. The company is expected to explore other search/comparison areas soon.
Which?, the consumer affairs watchdog, notes that Google's new service is easy to use
, with "all the basic information you would expect to know about a mortgage, such as initial rate, fees and overall cost displayed clearly for each deal."
On its website, Which? describes the Google service's individual features, including tailored, easily-accessed results and the availability of deals from throughout the UK mortgage market
. There are options to apply directly to lenders, or for customers to arrange for brokers to contact them.
Importantly, the 10 participating brokers on Google's panel have agreed to a code of conduct
. This obliges them to cover the whole of the UK mortgage market, to receive only fees or commission of up to 1% of the total mortgage cost, and to contact individual customers no more than 3 times.
Google's new comparison site is clearly a step forward for the housing market
. But remember, a mortgage is not the only cost involved in a property transaction.
In particular, try to speak with a reputable and experienced conveyancing team
about potential conveyancing fees