What to do if your circumstances change once you’ve got a mortgage?
If for any reason your financial situation changes during the term of your mortgage you should tell your lender. For example, if you get paid employment or you lose clients and your income suffers as a result. It’s important to be open and upfront with your lender about your ability to keep up with your mortgage repayments, than to fall into arrears without alerting them first.
Your lender may be able to offer you a payment holiday for a few months. However, you’ll need to start paying again at some point, and extra interest may be added on to your debt as a result of the holiday period.