Credit Search

[APotterWithAHappyAtmosphere]

We're on the waiting list for a house in a shared ownership development that's due to be allocated in the next few weeks. In case we don't get a place, I was trying to find out what our borrowing situation was if we try and buy somewhere outright in a cheaper area as we are due to be evicted shortly (landlord house sale) so need to be prepared. All the online calculators were coming out with vastly different outcomes (varying by £100k+) so it was impossible to know where to start.

I rang L&C as I'd seen them recommended on here and they went through all my details and gave me a range they thought we could borrow between.

Now I've had an email alert from Experian saying there's been a search on my account. I am really worried in case this has an effect on our getting a mortgage if we do get accepted on the the shared ownership development. Am I worrying unnecessarily or is this a possibility? Should L&C have told me they were doing this or was I really naive not to realise they would? I know people have mentioned 'soft searches' on here but I didn't realise they would do a search at all, I just thought they wanted my details for their records so they could contact me. It's really panicked me.

My credit rating was 999 before the search.

[northernlostsoul]

I was going to post this.

Just had a financial assessment for SO and wondered if they did a soft search.

[northernlostsoul]

I also thought Experian credit rating was out of 700?

[thatstoast]

What type of search have they done? Experian should list a type so you will know if it will show up for lenders.

A credit score of 999 doesn't mean anything, other than you've paid experian to generate a 3 digit number. Also, mortgage lenders will expect to see searches for mortgages, especially for ftb. If your application is otherwise good, it won't matter.