Yes. that is what the terms permit. However you should of course bear in mind that the interest on the whole balance of the loan continues to accrue from the time the loan is drawn down. You would be making no capital repayments for the first 24 months and only 75% of the (otherwise) regular capital payments for the next 24 months. As the loan has a finite length (although you can discharge it sooner) this will result in hefty repayments for the remaining life of the loan, in order to discharge the capital and the rolled up interest, together with the annual balance interest for the remainder of the loan period.