I suppose what I could do is a ‘multiple switch’...go somewhere that pays me 2% of the value of the mortgage, and then immediately go to Avant.

The 2% would put a chunk in the break-fee.

UB say that the break-fee is the lesser of two amounts:

1) Six months’ interest

2) [Redeemed Amount x (R - R1) x Days Left] / 360

R equals the interest rate available to the bank on money markets for the duration of the fixed period

R1 equals the interest rate available to the bank on money markets for the remainder of the fixed period

So let’s say 1) is €2,500 per €100,000 (I know it’s not)

And for €100,000, 2) should be [100,000 x (Negative - Negative) x 1,460] / 360,

So is 2) a negative number, and therefore zero?!

The rates that Irish financial institutions get on money markets for 1-5 year deposits are negative, so how can the formula throw up a positive number?

And I fixed for 5 years but it turned out to be 5.5 years. Is it 5 years or 5.5 years for the purposes of the calculation (which may be a moot point)?