Equifax credit score dropped after mortgage hard search

ljb2

Hi,
My partner and I have applied for a helptobuy mortgage with Nationwide through a broker. Nationwide did a soft search about a month ago and issued an AIP. We got our helptobuy authority to proceed and I can see Nationwide have now performed a hard search on my Equifax credit file on Friday last week. My score has gone down from 425 (good) to 371 (fair) since the search. I have no CCJ's, outstanding payments etc. I have recently paid off a loan but this is still to be removed from my credit file, as is my new address on the electoral roll awaiting to be updated. Will the drop in credit score severely damage our chances of getting our mortgage approved? I'm not sure why my score has dropped - is this because of the search Nationwide would have performed? If so would they have seen the score of 425?
thanks

MovingForwards

Your credit score is not seen or used by lenders, it's the credit history they use.

Your score will go up / down with any change, pay a credit card, open a current account, change gas provider, move house etc. Just ignore it and read through all the numerous other threads.

Carrot007

MovingForwards said:

Your credit score is not seen or used by lenders, it's the credit history they use.

Your score will go up / down with any change, pay a credit card, open a current account, change gas provider, move house etc. Just ignore it and read through all the numerous other threads.

Or indeed no change. I got the update email saying your score has gone down, log into finbd out why. Go on that amuse me! Log in, there are no changes this month! Maybe the slightly lower balances did it!

Ignore the score, pay attention to the details and move on!

ljb2

Thanks, I presume that as it still states my loan is not paid off on my credit file, my mortgage broker would advise Nationwide that it indeed has been fully paid (there was only £2k outstanding and never missed a payment). Mortgage broker also has a copy of the letter from my local council stating I have been added to the electoral roll at my new address (moved with parents) but again, this takes time to update on my credit file?

D3xt3r5L4b

ljb2 said:

Thanks, I presume that as it still states my loan is not paid off on my credit file, my mortgage broker would advise Nationwide that it indeed has been fully paid (there was only £2k outstanding and never missed a payment). Mortgage broker also has a copy of the letter from my local council stating I have been added to the electoral roll at my new address (moved with parents) but again, this takes time to update on my credit file?

Any broker worth their salt will accept written confirmations or proof/evidence of things being paid off etc.

And as per above ignore the score.