To summarise what I talk about below, it cost me €16 to save me over €50 a month in interest repayments by breaking from my fixed rate 3.2% to a new fixed rate term of 2.9%.
I'm not sure if this is the right place or not....but I'm currently with BOI and on a 3 year fixed rate mortgage at 3.2%, with still another year or so to go. I always understood they would charge you ridiculous fees for breaking your fixed rate mortgage (i.e. overpaying / moving to a different fixed rate product / moving to a variable rate / moving banks).
I was speaking to the bank today, and I have now moved my mortgage from the 3.2% fixed rate (with still around 1 year to go on the fixed rate + 30 odd years on variable) to the 2.9% fixed rate. The break charge for my fixed rate mortgage term (or funding fee as they call it) was only €16... and my monthly repayments are now going to be over €50 cheaper per month vs what I was previously on! So I'm now on a new 2 year fixed rate term for my mortgage but at 2.9%. I honestly didn't know it would cost me so little to move within a fixed rate. I understood that fees were very high when breaking out of a fixed rate. Another point to note, the same low fees apply if you want to do a bulk payment or switch provider (but additional legal fees for switching banks etc.. still apply).
This break fee / funding fee is different depending on term of mortgage and amount, but anyone who is on a fixed rate and their current bank is offering a lower fixed rate, investigate how much it will cost you to change by contacting your bank.
Hopefully this will save people with mortgages a few bob.
Steps for those that want to consider moving a better fixed interest rate product in their existing bank
Step 1: Get your mortgage account number, details of your current fixed interest rate
Step 2: Check out existing fixed rate mortgage interest rates (most have decreased in the last 6-12 months) and see if there are better rates than what you are currently paying.
Step 3: Contact the mortgages department of your bank and ask what your funding fee / break fee is if you want to exit your current fixed rate mortgage
Step 4: They will send out a letter containing the offer for you to sign and send back to them