The search Google is not interested in anymore

By Bridging Loan Directory -

Mark Dyason

Industry expert and director of Edinburgh Mortgage Advice, Mark Dyason,  provides his thoughts and opinion in “Comment from the Coalface”.

The search Google is not interested in anymore.

The search giant exits Mortgage comparison. When it launched a best buy type table and coupled to its capture of beatthatquote for £37M, it had commentators reaching for hyperbole and back in 2007 this seemed yet another nail in the coffin of the local mortgage broker. The advisor just looking to sit down and have a chat about the customer’s needs.

Yet here we sit on 2012 and the information behemoth has just announced the exit from this venture, perhaps this is yet again proof person to person advice and service is not scalable – see here for comment from an IFA perspective on the same subject.

Tables are great, I use them to have a look at prices, and have them on my website to help people get a mind’s eye of costs – window shopping if you like. There is also no doubt my recommendations are much stronger because of the use of these, however they are the start not the end of the recommendation piece, next is to delve into criteria, match overall fees payable against initial rate, penalties, overpayment flexibility, revert to rates and portability to name just half a dozen common needs that customers ask about – then to balance these and make a recommendation that fits with the customers overall needs. Try putting that in a table. Better still try telling a customer that.

Google also makes a fair bit of money from all the financial businesses that are online and if Google started getting in the way how would these people and their ad budgets feel about that? This is another very good reason for them to take a step back.

That said I reckon we should applaud Google for giving it a go, after all if there is anything the mortgage market needs right now it is innovation, so what is next? Well if I had a fraction of Google’s budget I’d love to try a few ideas and as for Google, they’ll be fine I reckon – even if Mortgage’s ain’t their thing just now they’ll try something else I am I for one am looking forward to seeing what that might be.

Mark Dyason

Edinburgh Mortgage Advice