Change mortgage rates

Hi,
I’m trying to figure out if I’m getting best value on my mortgage.
At present I’m with AIB and they have sent a letter asking if we want to change our mortgage rate. I don’t understand what is the best rate and how to understand the breakdown?
If anyone has any advice I’d appreciate it.

What rate are you on ?
What is the new rate offered ?

@Mol2010 Consider posting your mortgage details in the switcher thread (in the format shown in the first post). I'll estimate the savings you would make from switching to different AIB rates (or to another lender if you want to go that route).