flyingscot Posted August 11, 2022 Share Posted August 11, 2022 49 minutes ago, sonsism said: Looking for any advice available. Moved in a few months ago to my first flat and just kept it going with the current provider on a standard variable. After the news on Tuesday I had a look at my account and was offered a fixed tariff with a 57p per kWh unit rate for electricity. There’s a 14 day cooling off period so thought I’d just take it and look more in-depth before the period expires and decide from there. 57p is obviously more than double the cap at the moment but it’s quite a big increase to be paying from now. Is there anything else I should be looking out for? I’m less concerned about the gas price as it doesn’t get used much (granted that’ll change in winter likely but the building is quite warm). What's your early exit penalty on that? Could you bail cheaply back onto capped variable? 0 Quote Link to comment Share on other sites More sharing options...
Al B Posted August 11, 2022 Share Posted August 11, 2022 1 hour ago, s_dog said: if you don't want to pay by DD the best thing you can do to give yourself some certainty with paying on receipt of bill & quarterly billing is to take monthly meter readings. You've already got the sums you need to work it out what it is in £s (just remember to use the formula that's on your bill to convert your gas units to kWh). Then when your quarterly bill comes in, you'll already know roughly how much it'll be. Yeah as I was saying in my earlier posts, I do all this so that I can keep on top of it, and had a fair idea what my quarterly charge would be when my quarterly bill came in. That's why I was confused as to why it was quite a bit more. BG dont send you a bill, they send you an email that only states the amount you owe and asks you to pay it. If you want to see your actual bill or any figures you have to log into their website and download it. Which is how I discovered my the quarterly bill that I got for being on quarterly billing, was for 4 months and 7 days. 1 Quote Link to comment Share on other sites More sharing options...
Halbeath Raith Rover Posted August 11, 2022 Share Posted August 11, 2022 1 hour ago, Buttocks Brown said: That's the question isn't it? What will normal be and where will interest rates eventually settle? They were below 1% 2009-2022. The 15 years previous they sat either side of 5%. Even just 2.5% for the next decade would be really painful if you're early on in your mortgage. Maybe a stupid question, but if my mortgage has exactly £100k left and the interest rate goes up 1% is that an extra £1000 a year in theory ? I appreciate it won't be exactly £1000 as each payment in the year will take the balance slightly lower than £100k. 0 Quote Link to comment Share on other sites More sharing options...
sonsism Posted August 11, 2022 Share Posted August 11, 2022 27 minutes ago, flyingscot said: What's your early exit penalty on that? Could you bail cheaply back onto capped variable? £100 for electricity and £100 for gas 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted August 11, 2022 Share Posted August 11, 2022 (edited) This might be better for individuals to try to get an idea of their own projections, as it breaks down (current) unit price and standing charge projections over the next 16 months. As of today, assuming the only relief received is the current planned £400, an average user (12,000kWh gas / 2,900 kWh electric) should set their DD to £315 today to avoid seeing an impact in April and prevent having a negative balance next October. Auxilione Price Cap Daily 20220810.pdf Edited August 11, 2022 by Todd_is_God 1 Quote Link to comment Share on other sites More sharing options...
Detournement Posted August 11, 2022 Share Posted August 11, 2022 3 hours ago, Todd_is_God said: This will be offset, slightly, though by decreasing LTV %ages due to the housing market continuing to grow. How does that reduce your monthly payment? 0 Quote Link to comment Share on other sites More sharing options...
Shadow Play Posted August 11, 2022 Share Posted August 11, 2022 2 hours ago, oaksoft said: UK energy bills could hit £5,000 next April, bleak new forecast says | The Independent The estimates keep getting higher and higher. As we all know, bad news can’t be released all at once. Unfortunately I think there will be more bad news to come. Particularly for those that think prices will return to anywhere near normal in the next two or three years. 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted August 11, 2022 Share Posted August 11, 2022 19 minutes ago, Detournement said: How does that reduce your monthly payment? The lower the LTV the better the rate you will be offered 0 Quote Link to comment Share on other sites More sharing options...
Todd_is_God Posted August 11, 2022 Share Posted August 11, 2022 3 minutes ago, Shadow Play said: As we all know, bad news can’t be released all at once. Unfortunately I think there will be more bad news to come. Particularly for those that think prices will return to anywhere near normal in the next two or three years. Of course a lot depends on what happens in Ukraine, but if the cap is around £2,400 at the end of 2024 I will be pleasantly surprised. 0 Quote Link to comment Share on other sites More sharing options...
Steve_Wilkos Posted August 11, 2022 Share Posted August 11, 2022 Energy prices? More like, Energy crisis! (because the prices are so high they are reaching crisis level) 2 Quote Link to comment Share on other sites More sharing options...
101 Posted August 11, 2022 Share Posted August 11, 2022 4 hours ago, Mark Connolly said: The one positive through this is that at least Boris stayed on as caretake PM to provide leadership Thank god for his stewardship, and that he hasn't spent his interim period on the piss and having parties much like the rest of his premiership. 0 Quote Link to comment Share on other sites More sharing options...
Shadow Play Posted August 11, 2022 Share Posted August 11, 2022 4 hours ago, Mark Connolly said: The one positive through this is that at least Boris stayed on as caretake PM to provide leadership In no way am I sticking up for Boris but have successive governments not just followed blindly behind the one before when it comes to our energy security? I remember watching an article on Newsnight 10 or so years ago where a guest was predicting the UK would be facing blackouts and an energy crisis within the next 1/4 of a century if we didn’t make radical plans for the future. He was basically saying that as we appeared committed to phasing out coal and nuclear to produce electricity we were becoming too reliant on gas and the hope that renewables could pick up the slack. I don’t think he foresaw the exact scenario we are seeing now but he certainly understood the issues then better than our politicians seem to have. 0 Quote Link to comment Share on other sites More sharing options...
Gnash Posted August 11, 2022 Share Posted August 11, 2022 2 hours ago, Halbeath Raith Rover said: Maybe a stupid question, but if my mortgage has exactly £100k left and the interest rate goes up 1% is that an extra £1000 a year in theory ? I appreciate it won't be exactly £1000 as each payment in the year will take the balance slightly lower than £100k. Not at all a stupid question and perhaps surprisingly, assuming it's a repayment mortgage, the increase in the payment will be less than £1000 per year. The exact amount of increase depends on the interest rate and remaining term, but assuming £100k, 25 year remaining term and starting rate of 2%, the annual increase in payment from a 1% (technically percentage point) increase in rate would be £600. 1 Quote Link to comment Share on other sites More sharing options...
Left Back Posted August 11, 2022 Share Posted August 11, 2022 (edited) 3 hours ago, Halbeath Raith Rover said: Maybe a stupid question, but if my mortgage has exactly £100k left and the interest rate goes up 1% is that an extra £1000 a year in theory ? I appreciate it won't be exactly £1000 as each payment in the year will take the balance slightly lower than £100k. Loads of companies have mortgage calculators where you put in how much you owe, the length of time remaining and the interest rate. It then spits out your monthly repayments. You can play with the Interest rate to check how you’ll be affected. Google “google mortgage calculator” Edited August 11, 2022 by Left Back 1 Quote Link to comment Share on other sites More sharing options...
Halbeath Raith Rover Posted August 11, 2022 Share Posted August 11, 2022 Thanks @Gnash and @Left Back 0 Quote Link to comment Share on other sites More sharing options...
mizfit Posted August 11, 2022 Share Posted August 11, 2022 Can we just start fucking rioting? 6 Quote Link to comment Share on other sites More sharing options...
BFTD Posted August 11, 2022 Share Posted August 11, 2022 1 minute ago, mizfit said: Can we just start fucking rioting? You get started and we'll be along presently. 1 Quote Link to comment Share on other sites More sharing options...
Left Back Posted August 11, 2022 Share Posted August 11, 2022 8 minutes ago, mizfit said: Can we just start fucking rioting? Too fucking hot for that. 1 Quote Link to comment Share on other sites More sharing options...
Mark Connolly Posted August 11, 2022 Share Posted August 11, 2022 I'm going to start charging them an admin fee for having to report the meter reading myself. I'll start with a cap of £3k per reading, but that is likely to rise to £100k by November. 2 Quote Link to comment Share on other sites More sharing options...
welshbairn Posted August 11, 2022 Share Posted August 11, 2022 C4 saying that average EU energy price rise is 44%, we're at 215%. Germany's 20%, France is 4%. But we mustn't interfere with the markets, where would it ever end? 5 Quote Link to comment Share on other sites More sharing options...
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