Words: Ashley Rigg
Published: 20th January 2010
Google mortgage service changes the game
Tight credit markets have been the single biggest factor behind the downturn in the overseas property industry. Lack of mortgage finance has killed transaction volumes and large numbers of buyers have had to put their plans on hold, damaging cash flow and putting agents and developers out of business.
One side effect has been a rise in “timewasters”, people who are on the surface committed buyers but without the access to the funds or lines of credit necessary to follow through to sale. Part of the problem is related to a lack of education and awareness of credit limitations and it is in this area that Google’s mortgage service could help improve things.
Google’s mortgage comparison service – coming to a country near you!
In the US,
Google’s new mortgage comparison service is different because it dramatically increases the speed and ease at which buyers can get a quote. Significantly, buyers can search anonymously for the best deal based on their personal circumstances, including their deposit and credit rating.
Google no doubt has global ambitions in this area and it won’t be long before you see the service launched in Europe and Asia. The logical step would be for Google to offer property portals a cut of the commission they are generating in return for integrating the service into their sites. It may be some time coming but the result should be better educated property buyers and more serious enquiries from portals.
When Google launches this service in the UK, I would put my mortgage (no pun intended) on it being a better service that the current comparison sites like Moneysupermarket.com. It could be painful for shareholders in these businesses but it might just improve the quality of the sales leads you receive.
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User Comments
Can it really be that simple? In France the lenders have restrictive rules against over indebtedness of any individual seeeking a loan, which has meant the credit crunch has been less devastating, but which makes quoting figures without all the facts a risky business. Furthermore, all is regulated here, and to quote figures you have to have the relevant professional card, which is why most agents do not do so here, unlike the UK.
Michael Deckers,
Lamptons International