Should I fix now?

GadgetGuru

My current fixed tariff ends win Oct - so still a few months left on it.

However, with everything going on in the world, should I switch to another, more expensive, fixed, that will safeguard me until April 2027 instead?

Or should I hold and risk it for Oct?

In the below - the top tariff is what I am currently on, and I have the opportunity to switch to the lower, more expensive, tariff………

Not sure what I should do?

Thank you

luci

No-one knows how long Trump's war will go on for. My fix ends in November and I'm sticking with it, as my rates are guaranteed for another 7 months. A bird in the hand and all that.

QrizB

You've got six months to run on your current fix, so over half of it.

The cost of switching isn't the difference between £1451 and £1816, or even the difference between 6x £121 and 6x £151.

Because winter is (hopefully) over, the days are warmer and longer, you'll probably be using less than 1/12th of your annual energy every month from now until October. If we assume you'll be using 10kWh of gas and 5kWh of electricity each day for that period, the extra daily cost is ~20p for gas and ~25p for electricity.

45p a day for 180 days means the cost of switching now is ~£80.

So, do you want to spend £80 now to guarantee that you won't be stuck with an even higher tariff next winter? It's your call.

GadgetGuru

https://forums.moneysavingexpert.com/discussion/comment/81952940#Comment_81952940

Your last sentance was what I was thinking of - whether to fix now and suffer a slightly higher summer tariff, but be ready for next winter when the services are used more. Hmm….. guess its all a bit of a gamble really!