Your break fee should be zero at the moment – but it is volatile because wholesale interest rates are volatile, so confirm it with Ulster Bank (and please post it here when you receive it, including the date of the letter).
Note: you will receive two separate letters from Ulster Bank a few days apart, and their structure and wording can lead to confusion. Look for the line that says: "To break out of this fixed rate early, you would have to pay a fee of €X". That amount is your break fee. Ignore all other references to break fees.
- Switching immediately to Haven's 4-year green fixed rate (2.0% with €2,000 cashback) will save you about €3,100 over the next 4 years
- Switching immediately to Avant Money's 7-year fixed rate (1.95% with no cashback) will save you about €1,720 over the next 4 years – but with the longer security of 7 years on a fixed rate
- Breaking and re-fixing with Ulster Bank on the 5-year 2.2% rate will "reset the clock" and give you another 5 years on that rate and will not save you or cost you any money. And it is very simple and quick to do (no bank statements, salary cert or solicitor, etc., needed).
- Of course, if you decide to do this, you will probably want to switch again in 5 years when your fixed rate expires and your mortgage moves onto Permanent TSB's books, at which point you will be subject to their (probably higher) interest rates
- Switching immediately to Avant Money's 10-year fixed rate (2.1% with no cashback) will leave you worse off by about €220 over the next 4 years – but with the even-longer security of 10 years on a fixed rate
- Switching immediately to Avant Money's 15-year fixed rate (2.25% with no cashback) will leave you worse off by about €2,140 over the next 4 years – but with the even-longer security of 15 years on a fixed rate
These savings estimates use for comparison the scenario of switching to the 2.20% rate with Ulster Bank when the current fixed rate ends. And that's assuming that Ulster Bank (or Permanent TSB, if they have taken over your mortgage by then) are even offering a 2.20% rate in January 2026 – it could be higher (or lower). The estimates also account for fees and any cashback offered by the above lenders.
It may seem like it is not worth switching to another lender but bear in mind that your mortgage will soon be owned by Permanent TSB, whose rates are much higher than Ulster Bank's. So if you don't switch now, you might find that you really want to switch in a few years' time, at which point rates might be higher.
Note that the longer you fix for, the higher the break fee could potentially be in the future, which could be relevant if you want to move home. Of course, it's also possible for a future break fee to be small or zero. And at least some of Avant's fixed rates allow you to "take your mortgage with you" if you move home, which avoids any future break fee. It would be worth contacting them for clarification on which mortgages this applies to and on the terms and conditions.
The estimates also assume that your loan-to-value ratio (LTV) really is below 60% so that you are eligible for the listed rates. Your LTV estimate is 330.0k/570.0k = 57.9%. If you get a valuation of less than €550k, you will need to make a few more monthly mortgage payments and/or a small overpayment to get the LTV below 60%. But that is not a reason to delay the switch – i.e., you can start the switch immediately.
If you're feeling brave, you could consider the strategy outlined in
this thread: switch to Haven's 2.35% 3-year fixed rate and get the €5k cashback. Then quickly switch to Haven's 2.0% green rate. If it works, you will be better off by about €6,100 in four years' time. Nobody knows for sure if Haven will allow you to do this, so you might be stuck on the 2.35% rate, but at least you'd have got the €5k cashback.