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New fixed Rate (gas/electric)
Sorry everyone has probably been ask this a thousand times But my British gas fixed price ends on 31st January.
They are offering me another fixed rate which is almost double the cost. I can afford this but would rather get it lower of possible....
Am I better off going onto the variable rate?? not sure it's that lower than most fixed deals.
They are offering me another fixed rate which is almost double the cost. I can afford this but would rather get it lower of possible....
Am I better off going onto the variable rate?? not sure it's that lower than most fixed deals.
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I’m on a variable rate with them at the moment that’s costing me £120 month for gas and electric, 2 adults , 2 teens. Don’t know if that helps??Word for 2023 …PROACTIVE 🧡 2023 -decluttering campaign 1020/2023 ⭐️⭐️Saving towards paying off car in November…£720/£1500 🚗0
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Possibly, as nobody knows what the VR will increase to in April. It might increase by 50%, 100% or 15%. All we know for sure is that it's going up.At the moment all you can do is gamble, but the new rates should be out in the beginning of February so personally I would hold tight and not sign up to any fixed rate deals.0
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So chances are both fixed and variable are gonna see big increases? So if I can absorb the increase on a fixed rate it might be worth doing to avoid any potential higher variable rises?Astria said:Possibly, as nobody knows what the VR will increase to in April. It might increase by 50%, 100% or 15%. All we know for sure is that it's going up.At the moment all you can do is gamble, but the new rates should be out in the beginning of February so personally I would hold tight and not sign up to any fixed rate deals.
Not gonna lie...not really sure how the price cap works.0 -
Martin (Lewis) released a video on this subject a few days back - have a look on the main MSE site for the link to it. It might help to explain the situation as it is at the moment.🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
£100k barrier broken 1/4/25
Balance as at 31/08/25 = £ 95,450.00. Balance as at 31/12/25 = £ 91,100.00
SOA CALCULATOR (for DFW newbies): SOA Calculatorshe/her0 -
Thank you!EssexHebridean said:Martin (Lewis) released a video on this subject a few days back - have a look on the main MSE site for the link to it. It might help to explain the situation as it is at the moment.0 -
tony3619 said:
So chances are both fixed and variable are gonna see big increases? So if I can absorb the increase on a fixed rate it might be worth doing to avoid any potential higher variable rises?Astria said:Possibly, as nobody knows what the VR will increase to in April. It might increase by 50%, 100% or 15%. All we know for sure is that it's going up.At the moment all you can do is gamble, but the new rates should be out in the beginning of February so personally I would hold tight and not sign up to any fixed rate deals.
Not gonna lie...not really sure how the price cap works.
If you want to guarantee a price for a year or 2 then a fixed rate is the way to go, but it may end up higher than the variable rate which we'll know in a few weeks. No doubt as soon as February comes around the fixed deals available at the moment will be withdrawn.
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Ofgem October 21 cap explainedtony3619 said:Not gonna lie...not really sure how the price cap works.
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