Say your a home-owner, a first time buyer. You've just got your first flat and your about 1 year into your 25 year mortgage.
Suddenly, something goes wrong with your job, and your made redundant (credit crisis and all)
You look for other jobs, but struggle, your forced at worse case scenario to take a job stacking shelves at a supermarket, but that merely pays your food+electric let alone anything else
What happens in this case? Do you get evicted because you just can't make up the money for mortgage? Can you "freeze" your payments? Or get insurance to cover you?
NB: For the record, this isnt my case, I would like to become a first time buyer in the next year or so but with an unstable market in the IT sector I'm concerned this may be true to many people, and wondering how this can best be tackled