Great Britain
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Martin Lewis explains when energy customers should commit to fixed rate deal

Martin Lewis has shared when energy customers should commit to a fixed rate deal.

The Money Saving Expert issued advice to callers on today's edition of This Morning as the UK faces a mounting cost-of-living crisis. Ofgem's chief executive, warned energy bills will likely rise by a further £800 in October.

Jonathan Brearley expects customers on the price cap with typical energy use to see their bills surge to £2,800. A caller contacted Martin to ask whether they should consider a fixed rate deal in the wake of the soaring prices.

READ MORE:Martin Lewis shares his 'great fear' for anyone with a mortgage

Martin said he couldn't offer any "guarantees", but customers should consider a fixed rate deal if they are offered a rate around 30% more expensive than the current price cap. He said: "It looks like it will be cheaper than it will be over the next year."

Martin said there are no deals promoted on the open market within this rate, but energy companies are offering existing customers rates within this margin. The finance guru relies on customers to alert him to these deals - and said EON has offered a 2 year fix to existing customers at 24% above the price cap.

Martin also said British Gas has offered its customers a 1 year fix at 26% above the price cap. He added: "Those are worth fixing.

"They don't have to publish them on the open market so it's very difficult for me to give a blanket answer."

This Morningairs weekdays from 10am onITV & ITV Hub

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