Hi Scaria,
As the loan has already been approved and settled you don't need to tell the bank and they would be unlikely to stop progress payments if they did find out. For them a complete house is much better than an incomplete house.
If you do find yourself unable to make repayment then please contact your bank and be open with them. And yes you should contact your insurer regarding the redundancy as well.
Good luck with your construction!
Redundancy and Progress Payments
- Otto Dargan
- Mortgage Specialist
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- Joined: Sat Sep 06, 2008 5:55 pm
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