Google, one of the most successful companies in recent years, has given up its mortgage comparison site in the UK – before it properly got started.
The trial version, UK Compare Mortgages, was suspended last year and completely axed this month. The closure follows the shutting down of a US version that ran for 2 years.
A spokesman for Google said that the UK site had ‘not been as successful as we would have hoped.’
The problem with comparison sites for mortgages
The mortgage market does not need another comparison website. Because comparison sites always starting with the lowest rate, they are flawed. To qualify for the eye-catching deal, applicants usually have to meet 10 to 20 minor hurdles before getting to the stage of worrying about the rate itself.
When looking at comparison sites there is always a tempting and impressive offer, the equivalent of a Rolls Royce or Aston Martin gleaming on the forecourt. But, as with these cars, the standout mortgages are supremely exclusive. They are only available to the very few. It is not until you get to the second or third page in the table that you start to find the products that the bulk of clients require, and for which they are eligible.
Comparison sites list mortgages by rate. But the rate isn’t the only financial consideration. Fees and redemption penalties are also factors in finding the best product for each individual client.
Most of the comparison sites only take you so far before referring you to an adviser – an adviser who has bid for that business. Why not cut out the hassle and talk straight to an independent financial adviser? Limetree can find you the best mortgage, from the whole market, considering everything, not just the rates.