Google piloting UK mortgage comparison site
Online giant Google is understood to be piloting a mortgage comparison website in the UK.
In May it launched an online advice service in the US called Google Adviser and Mortgage Strategy understands that it is piloting a similar service in the UK called Compare UK Mortgages.
The site works in the same way as other comparison sites and appears at the top of the search engine when key words such as mortgage and compare mortgage are searched for.
It has sponsored links from a number of lenders such as Woolwich, ING Direct, Lloyds TSB, NatWest and Royal Bank of Scotland.
To gauge feedback on the site participants can take part in a feedback survey, which among other questions asks them how they have historically searched for a mortgage and whether they have used a mortgage broker.
Justin Rees, director of marketing and partnerships at LeadPoint UK, says: “Only time will tell how successful this service will be and what other products will be arriving in the UK.
“It will also be interesting to see how many of the direct marketers that spend millions of pounds each year generating financial services leads through Google react to this latest development.”
But he says it could be a good thing for the lead generation market overall.
He adds: “Usually when Google enters a new market it requires all the incumbents to step up in order to compete so hopefully this innovation will be good for consumers and the adviser community as the current lead generation companies will have to work even harder to improve their services.
“The UK has a strong tradition of intermediary-based advice and long may this remain so.”
In March this year Google paid almost £40m for BeatThatQuote.com.
Google says it is unable to comment at the moment.