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Not sure what to do

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Sncjw
Sncjw Posts: 3,562 Forumite
Part of the Furniture 1,000 Posts Photogenic Name Dropper
edited 2 September 2024 at 12:59PM in Energy
Hi all 

I am due to come to end of my deal and with winter coming I'm looking at a different deal. 

This is my current dtarrif I am on.

I am not.sire what I need to look for&nbsp (Image removed by Forum Team)
Mortgage free wannabe 

Actual mortgage stating amount £75,150

Overpayment paused to pay off cc 

Starting balance £66,565.45

Current balance £58,108

Cc around 8k. 

Comments

  • Unit rate, standing charge and exit fee.

    Remember that you use most of your gas in winter.

    Variable rates for Oct-Dec are here:
    https://www.ofgem.gov.uk/get-energy-price-cap-standing-charges-and-unit-rates-region

    Jan-Mar looks like it might be similar or slightly higher.
  • Scot_39
    Scot_39 Posts: 3,433 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper
    edited 31 August 2024 at 2:27AM
    Have a read of mse guide on fix vs variable.  It will update you on their take on current market.

    As such the main focus is on 1 yr fix cf current july cap (lowest since crisis) vs known (oct) or likely but smaller? (jan) rises this winter.   

    But there are some 2 year fixes tabled as well - but exit fees are higher.

    https://www.moneysavingexpert.com/utilities/are-there-any-cheap-fixed-energy-deals-currently-worth-it/

    The percentages I the article are relative to Jul to Sep cap, and regional averages - in past some here have quoted better rates by few % when got personal quotes - the Ofgem rates linked above are now Oct from Jul comparisons.

    Prices have started rising since the spring, which saw July cap lowest since Ukraine gas crisis.

    Note those rates and SC on your bill tariff tables are ex vat - so you need to add 5% - to compare vs the Ofgem regional price tables which include it.

    The main shock your likely to face is on standing charges - which have increased significantly since the Oct 21 cap period - electric more than doubled for me - which I guess is when your 3 yr deal began.  Electric looks cheaper on ave than yiur current fix after adding vat, gas a little higher - on svt come Oct - both with regional variations though.

    Make a note of your region svt known new rates for Oct I guess - and if any of the fixes appeal - or others elsewhere - get quotes specifically for your region and go from their.

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