Agreed to buy new home, but worried.

Hello I recently sold my house and am in the process of upsizing to accommodate my growing family (my wife and our two young children). As part of this, I am taking out an additional £190,000 mortgage, which will require monthly repayments of approximately £1,000, plus around £300 for council tax.

My current job is well paid, and I have been with my employer for five years. My wife has also started working recently, but her contract is set to expire in December. At present, our combined income exceeds £5,000 per month. However, there are some uncertainties at my job, and in the event of redundancy, my wife’s income alone would not be sufficient to cover the mortgage and other household expenses.

I do have savings that would cover approximately six months of expenses, but I am aware that securing a new job in the current market can be challenging. Given this, I would like to understand the options available should I find myself in financial difficulty. Specifically, would the bank be able to freeze or defer my mortgage payments temporarily if I were to lose my job, until I secure new employment?

I appreciate your guidance on this matter.