According to a report in the Telegraph, Google has decided to scrap its mortgage comparison service.
The service, UK Compare Mortgages, launched last summer, and was shown to visitors when they used certain keywords in their Google searches. A couple of months after its launch, it was suspended, and has now apparently been scrapped.
This follows a similar move in the US, where mortgage comparisons have been removed from Google Â Advisor, its financial comparison tool.
So what does this mean for Google’s other financial comparison tools? Well, considering they bought price comparison site BeatThatQuote last year, they’re unlikely to waste the Â£40m they paid for that company and be pulling out of financial product comparisons completely. What is more likely is that they’re concentrating on less complicated, price driven products (such as travel insurance and life insurance).
The mortgage market has seen massive changes as lending restrictions have got tighter, and there’s now a greater need than ever to get the advice of an independent mortgage advisor when choosing a mortgage, rather than using an online tool.