To Re-fix early or not to

ChazaH

I'm currently on the MSE Octopus Saver paying ~ £70 dual fuel per month. Now as per typical bad luck me my fixed tariff expires in August (9th to be exact) now I'm debating if I should bite the bullet and eat the exit fee (total of £50) or wait it out till closer to my renewal date and get a new fix then. What are peoples thoughts?

QrizB

What are peoples thoughts?

Welcome to the forum!

In your position I'd run a companion and see how much a new deal could save you. Compare that to the £50 exit fee.

https://www.moneysavingexpert.com/cheapenergyclub/

(Other energy comparison sites are available.)

ChazaH

https://forums.moneysavingexpert.com/discussion/comment/81990140#Comment_81990140

Thanks Qriz
So the cheapest fix right now is £32 a year more than what I'm paying now. My concern is if the price cap goes up are fixes likely to go up or are they likely to stay same now that we know the current situation? (I know this may sound like a super simple question to some but I only got my house in august last year so I'm realllyyyy new to all this stuff!)

Time2Go_25

The price cap and the price of fixes are different entities, the price cap look back at the average of the last 3 months or so, fixed prices are dependant on the price the companies can get now or looking forward. You really just need to decide if you want certainty of price or if you are comfortable if it were to rise.

FreeBear

https://forums.moneysavingexpert.com/discussion/6667283/to-re-fix-early-or-not-to

You may find Octopus will waive the £50 fee if you change to one of their fixed tariff.

Pundits are forecasting 10-12% increase for July, and a smaller hike in September. It is crystal ball gazing beyond that. If you can switch to a fixed without incurring the exit fee, it might be worthwhile.

spot1034

How do you know if it's bad luck that your fix runs out in August? I'm in the same situation and it's impossible to predict what will be on offer at that time. You never know, it might turn out to be perfect timing!

ChazaH

Ahhh ok now I get it! (Yep I'm really showing how new I am to this!). I think I'll keep my fingers crossed till August and go from there! I wasn't quite sure if the price cap affected the fixed tariffs or not!

Thanks all for all the help!