EDF - should I fix?

System

This discussion was created from comments split from: Fixed or variable rate for energy?.

JanetKirkEllis

EDF have offered a fixed rate for 3 years .is this viable?

dunstonh

JanetKirkEllis said:

EDF have offered a fixed rate for 3 years .is this viable?

If it meets your objectives then yes.  If not, then no.

To expand on that, if you are looking for absolute certainty for the next three years then yes it is.
Or if you are on economy 7 in the Eastern region (where EDF is very cheap), you may like to lock in that cheap night rate if you are a heavy night user.
However, many other scenarios may mean its not suitable to lock in for that long.

mjmal51

https://forums.moneysavingexpert.com/discussion/6463680/new-edf-essentials-fix-until-30-sep-26-update-24th-aug-23#latest

littleteapot

Agreed if you happen to be in the Eastern region (like me) and want to be sure of having that excellent E7 off-peak rate for the next 3 years then yes it would be very wise to take it.

Just be aware that there is a £200 exit fee should you change your mind before the 3 years are up.

I'm a little more confused as to what to do. I took the 1 year essentials fix in June as we have storage heaters and are very heavy off-peak users.

In normal circumstances I would be quite happy to pay the £75 exit fee for the 1 year fix to have the 8p/kWh night rate guaranteed for the next 3 years.

However we are going to be putting our house up for sale in the next couple of months with the *aim* of moving to a  larger house in a nearby town as our 2up 2down is soon going to be too small for us and our growing children. We will be pricing our house realistically in the hope we get a sensible offer fairly quickly. However with the housing market currently being quite stagnant and very few properties meeting our criteria on the market in our intended destination, plus at least half of those being over-priced for the current market there is a risk we might fail to meet our objective of being moved within the next 12 months or longer.

So to fix for 3 years or not... currently uncertain for us. Out of curiosity, if you move before the end of a fixed contract do you have to pay the exit fee? I'm assuming the answer to that is Yes...

Swipe

littleteapot said:

Agreed if you happen to be in the Eastern region (like me) and want to be sure of having that excellent E7 off-peak rate for the next 3 years then yes it would be very wise to take it.

Just be aware that there is a £200 exit fee should you change your mind before the 3 years are up.

I'm a little more confused as to what to do. I took the 1 year essentials fix in June as we have storage heaters and are very heavy off-peak users.

In normal circumstances I would be quite happy to pay the £75 exit fee for the 1 year fix to have the 8p/kWh night rate guaranteed for the next 3 years.

However we are going to be putting our house up for sale in the next couple of months with the *aim* of moving to a  larger house in a nearby town as our 2up 2down is soon going to be too small for us and our growing children. We will be pricing our house realistically in the hope we get a sensible offer fairly quickly. However with the housing market currently being quite stagnant and very few properties meeting our criteria on the market in our intended destination, plus at least half of those being over-priced for the current market there is a risk we might fail to meet our objective of being moved within the next 12 months or longer.

So to fix for 3 years or not... currently uncertain for us. Out of curiosity, if you move before the end of a fixed contract do you have to pay the exit fee? I'm assuming the answer to that is Yes...

I'd still fix for that super low off peak Eastern rate if I were you. At the end of the day, £275 exit fees is peanuts in the context of the cost of a house move.

dealyboy

@littleteapot ...
Your comments already suggest you take your family responsibilities very seriously and that together with your effective use of E7 would lead me to taking the certainty of the fix If I were in your situation.

As regards the carry over of a fix, it must be a common question. There are actually some really good advisors at EDF ... give them a call  .

littleteapot

dealyboy said:

@littleteapot ...
As regards the carry over of a fix, it must be a common question. There are actually some really good advisors at EDF ... give them a call  .

LOL I assume that was tongue in cheek . I've never had the pleasure of dealing with EDF CS except for one brief  Whatscrap conversation which was a waste of time but not many people around here hold EDF CS in high regard.

dealyboy

@littleteapot said:

dealyboy said:

@littleteapot ...
As regards the carry over of a fix, it must be a common question. There are actually some really good advisors at EDF ... give them a call  .

LOL I assume that was tongue in cheek . I've never had the pleasure of dealing with EDF CS except for one brief  Whatscrap conversation which was a waste of time but not many people around here hold EDF CS in high regard.

Well I found one excellent one the other day ... https://forums.moneysavingexpert.com/discussion/comment/80255564/#Comment_80255564.

littleteapot

Swipe said:

I'd still fix for that super low off peak Eastern rate if I were you. At the end of the day, £275 exit fees is peanuts in the context of the cost of a house move.

That is true - even if the process of moving goes smoothly. if it doesn't, upwards of 10x that could be wiped out overnight by a selfish buyer or seller changing their mind after I've paid solicitors fees, searches, etc. And that could happen more than once having read some of the stories over on the House Buying/Selling group.

I've been a bit spoilt in the past and had it easy with property purchases. My FTB was a flat which was sold by an investor chain-free. I sold it to another investor, and moved back to my parents briefly before buying this house also chain-free (probate sale). Having to try to move in a chain with the high risk of disappointment that brings, with a wife to disagree with me on what is an acceptable house or not, and two little children in tow is quite an unnerving prospect!

Back on topic - sound advice @Swipe and I have done it.