The Mortgage Comparison Unit comes up when the user enters ‘mortgages’ into the main search engine and then provides a list of criteria users enter anonymously in order to see products available to them.
Consumers can then access the products either direct or via a broker panel of 10 firms that Google has initially partnered with for the service.
The 10 brokers are Turnkey Mortgages, Your Mortgage Decisions, Think Loans and Mortgages. Which? Mortgage Advisers, Charwin Private Clients, First Union Mortgages, If I Were You, Mortgage Pro, A Mortgage Now and Sensible Home Finance.
Where a consumer picks a product that is only available through a broker only they are passed on to one of the brokers who pay on a cost-per-lead basis.
The Mortgage Comparison Unit is part of the plans Google 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 and 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 & savings accounts & 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 need to contact a sales representative on the BeatThatQuote team.
Lenders who have commercial agreements with Google will have their contact details and website link displayed and Google will be remunerated on a cost-per-click or cost-per-call basis with these lenders.
Those lenders that do not have commercial terms with Google will only have their brand logos 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.