Just to clear some things up I think people are confused by .
There is a specific formula the banks are supposed to use to calculate your break fee from a fixed mortgage and it’s calculated on the interbank rate when you took out the loan v the day you request the cost for breaking.
That fee is the same whether you are switching to another product with the same bank or moving to another bank.
Obviously moving to another bank has other costs including valuation and solicitor fees.
Two examples that I know of personally is one person who took a 700k mortgage with Ebs (variable rate) and got 2% cash back, switched to boi 4 months later and also got 2 % cash back (fixed rate) and then had a no fee break from boi 6 months later to move to ub getting 1,500 from them to cover switch costs and fix f at the 5 year 2.5% rate. Pretty easy net 25k or so.
Another person had fixed at 3% with ub a few weeks before they brought out a 2.6% fixed rate, they wouldn’t move him , advised him to request a break fee, hey presto it was 0 so be broke and refixed at the lower rate and I believe did it again to get the 2 year 2.3%.
All depends on interbank rates and if switching banks the size of your mortgage to see if it makes sense to do the switch for cash back etc