Google grabs share of buy to let mortgage market

Search engine giant Google has lined up another assault on the mortgage market with the launch of a new buy to let loan comparison service.

The search compares nearly 600 landlord loans – more than most other mortgage comparison services.

If the landlord does not see a deal that seems to suit their purposes, Google also offers a link to contact a broker which sends a query to a dozen advice services that pay Google for leads.

These include consumer champion Which?, which already offers landlords the option of claiming any commission paid by lenders for mortgage advice.

The free comparison tool will head the search listings every time a web user types in a search for buy to let mortgages.

Google claims the comparison service provides details on mortgages available direct from lenders and broker-only specials.

“We will ask enough questions to allow the user to get meaningful search results,” the company said.

Google also promised not to collect personal details from mortgage seekers using the service – just enough information to let a broker make contact.

The firm is also capping lender fees to a maximum of 1% of the amount of the loan.

Landlords could well find arranging buy to let mortgages cheaper through Google, as many buy to let lenders charge more than a 1% arrangement fee on completion of the loan.

Google did abort another mortgage service after buying comparison engine Beat My Quote , but promises the new service is here to stay.

John Paleomylites, a product director for the firm, said: “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.”

Click here to try out the Google buy to let mortgage service


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