Yes but lenders have become more cautious in offering this type of mortgage and typically have stricter criteria. An interest-only mortgage allows you to pay only the interest on the loan each month, rather than making payments towards the principal amount borrowed.
Lenders may require a larger deposit, typically 25-50% of the property’s value, to qualify for an interest-only mortgage. They may also conduct thorough affordability assessments to ensure you have a credible repayment strategy in place.
Interest-only mortgages are not as prevalent as they used to be, and some lenders have withdrawn from offering them altogether. You may need to seek specialist lenders who still provide interest-only options or consult with a mortgage broker to explore available choices.