Barclays Bank in Spain out of date information

News today from Barclays announces the loss of their customer Service executive. This follows on from poor data about the general complaints level for Barclays in the UK.

Is it therefore of surprise that Barclays Spain seems to suffer from the same ineffectiveness.

If you search under ”Spanish Mortgages” on Google, Barclays ( overseas) Spain appears on page 1. On the face of it, it is a nice corporate looking site full of good information and helpful hints.

Then we get to the nitty gritty.

If you go to the subpages outlining their Spanish Mortgage products available, all information is out of date and anything but factual.

What does the website say

Barclays state they have in Spain

·         An interest only mortgage up to 50% loan to value. This is in fact not true and has not been for at least 3 years now. All loans are repayment.

·         They say they offer their “Super Mortgage” at 0.95% above 12 month Euribor for 60% loan to value. In fact they currently offer a 65% loan but at 3.7% above Euribor.

·         They also have a credit mortgage, so like an offset ,advertised but again this product has not been available for many years.

·         The term over which a loan can be run is stated at 30 years when in fact maximum is 25 years.

·         The text on all the loans limits maximum loan sizes to € 500k when in fact no maximum loan size applies.

The side notes with asterix state that rates are accurate as of 2008 so it is some 5 years since anyone even looked at updating the site.

In terms of customer service their international department, for initial review and assessment of Spanish Applications, is made up of two people. All applications whether direct or from Branch network must go through this department. One of the personnel is on maternity leave and the other goes on holiday in the next few days so no applications will be progressed for the next two weeks. In a market where non refundable deposits could be riding on efficient mortgage processing this hardly seems to be an ideal situation.

Not only is this a very poor show from one of the best known Banks in the world but also again shows what poor quality you receive when using search terms via Google.