Non-bank lender Finance Ireland has said it will apply a one-month notice period during which applicants with loan offers for a mortgage can drawdown their loans at lower rates.
Last week, the lender announced a series of rate increases for variable and fixed rates.
It said the hikes follows increases in European Central Bank (ECB) rates.
Finance Ireland said today's move will apply to customers who were in receipt of a formal loan offer on or before 30 September and who drawdown their loan by Friday 28 October.
The company originally gave applicants until 7 October to draw down their loan at the lower rates.
The company has written to brokers today who will advise their clients as required.
"We welcome this decision from Finance Ireland to extend the notice period to close on new mortgage deals following extensive lobbying from mortgage brokers throughout the country," said Trevor Grant, Chairperson of the Association of Irish Mortgage Advisors.
"It will give brokers time to help hundreds of applicants to close on their new homes or secure a much sought-after mortgage switching deal," he added.
