Fixed Rates Breakage costs

correct.

In nearly all present cases where people are breaking out of fixed rates agreed in the last 2-4 years and refixing, the break fee is zero.

I don't think you will regret 2.85%. The peace of mind value alone is good and its unlikely you will have rates below this anytime soon.

Even if rates did drop, the break fee would be minimal as the room to drop is miniscule even in the best case scenario

If you break a fixed rate, that is gone.

You then choose whatever current rate is available.

Very unusual situation at present in that some 5 year fixed rates are CHEAPER than a 5 year fixed rate from 2 or 3 years ago and ECB are 2% higher.

So as cost of funds are higher there is no break fee and you can have additional comfort of payment certainty for the next 5 or more years

And as you know the current rate, you can make a decision without risk

Never heard of that, interesting.

It absolutely is possible.

If your have 200k balance and its on a fixed rate and want to pay off 50k lump sum, the bank will work out a break fee for that 50k only

Every lender gives you the opportunity to repay either all or part of your mortgage early. Yes there may be a break fee but that's a function of the opportunity cost that the lender face.

If you have €100k fixed mortgage and you want to repay €30k. The break fee will only apply to the €30k. You won't lose your fixed rate on the €70k.

Going back to the OP example, the wording on the AIB website acknowledges partial repayment.

https://aib.ie/help-and-guidance/mortgages-faq/what-is-fixed-rate-mortgage-breakage-costs

Yes, I think that would be the case. Unless you ask for a specific amount I think they all tend to default to the break fee on the full amount.