Do I not Fix or Stay?

Zelnaga

Hi All, 

Im a bit confused (sorry not the sharpest tool in the shed) by Martins advice still. My next fix is all over the place with different % increases

Do I currently stay where I am and take the hit with the April and October increase or should I take the new fixed rate?

Current Tariff



Tariff Offering

Merlin139

You have not provided enough in formation.

What are the rates of the SVR tarriff that you will go onto if you don't fix?

How much Gas and Electricity do you use per year?

QrizB

Zelnaga said:

Im a bit confused (sorry not the sharpest tool in the shed) by Martins advice still. My next fix is all over the place with different % increases

Do I currently stay where I am and take the hit with the April and October increase or should I take the new fixed rate?

I think you've been offered a 12-month fix?
The choice is yours, although to my mind the chance of variable-rate gas exceeding the fix at 12.37p/kWh or electricity exceeding 38.02p/kWh in the next 12 months is low. The variable tariff is likely to work out cheaper.

jimjames

The choice is entirely yours. No one can make that decision for you, not even Martin. His advice is general, it's not tailored to everyone's circumstances.

I'm staying on SVT but some people prefer the certainty of a fix even though it's more expensive now. Horses for courses. Same with fixed rate mortgages, some had a great deal for a fix, then the crash happened and it didn't look so good when others got fixes at 2% for 5 years.

MWT

Also do check that the estimated annual use they are using is at least close to your actual use over the last year...

... but I do agree that the current fix tariff on offer feels a bit on the high side, especially as it is only 10 months I think?

Zelnaga

Merlin139 said:

You have not provided enough in formation.

What are the rates of the SVR tarriff that you will go onto if you don't fix?

How much Gas and Electricity do you use per year?

Sorry should have mentioned this is currently on a variable tariff, my fixed finished a few months ago. Not sure on total consumption but house hold of 2 - we use to pay £60 per month based off the fixed before its now £90 per month on the variable.

jimjames

Zelnaga said:

Merlin139 said:

You have not provided enough in formation.

What are the rates of the SVR tarriff that you will go onto if you don't fix?

How much Gas and Electricity do you use per year?

Sorry should have mentioned this is currently on a variable tariff, my fixed finished a few months ago. Not sure on total consumption but house hold of 2 - we use to pay £60 per month based off the fixed before its now £90 per month on the variable.

That's the first thing to do then, find out what you use. Monthly DD amounts are irrelevant.