Is borrowing more on your mortgage to fund renovations a good idea?

Undertaking a home improvement project can be really expensive. But home improvements are also an excellent investment, as they can boost your quality of life and add value to your property. With that in mind, what’s the best way to fund home improvement projects? Below, we explore some of the options available to you to help you make up your mind.

Can you pay for home improvements by borrowing extra money on your mortgage?

Borrowing extra money on a mortgage is a common way of funding home improvement projects. This is particularly the case for projects including loft conversions, new kitchens or bathrooms, or renovating a certain area of your house. You can contact your mortgage provider and negotiate the best way to borrow additional money to fund home improvements, and it’s a relatively easy way to access the capital that you need. However, there are some issues you need to think about before remortgaging:

  • It’s often expensive – you are likely to be locked into a specific term and will face fees.
  • You will need sufficient equity in your home to be approved.
  • You could end up paying more interest on your mortgage if it puts you in a higher LTV bracket.

As well as remortgaging you to fund home improvements, there are two other options available to you as far as borrowing against the value of your home is concerned:

Further advance

You can apply to your mortgage provider for a further advance, and the money that you borrow is repayable at a different rate of interest. While you can’t get an advance from all lenders, they’re often more straightforward than remortgaging, and they’re often cheaper. In most instances, you will need a loan-to-value (LTV) ratio of less than 85% to be approved.

Second charge mortgage

In this instance, you’re actually taking out a second mortgage with a new lender. Therefore, you will have two mortgages to repay at the same time. It’s known as the ‘second charge’ because of security. If you fail to repay the second mortgage, the lender can take your property and sell it to recover the money owed. You will need to have significant equity in your home to be eligible for a second-charge mortgage, but it’s a worthwhile consideration for some people.

Is borrowing extra money on your mortgage a smart move?

While borrowing additional money on a mortgage is a viable option for some people, it won’t be ideal for all homeowners. Here are some things you need to think about:

  • Can you afford the monthly repayments? If you fail to make the stipulated monthly repayments on your mortgage, your home is at risk. So, make sure you only borrow what you’re confident enough to pay back.
  • Is it the cheapest way to borrow money? Mortgage debt is repaid at a low rate of interest, but you repay it over a long period of time. In other words, the interest payments can add up if you don’t do your sums, and it might not be the cheapest way to borrow money.
  • Can I remortgage right now? If you’re in a fixed-rate mortgage, it will be expensive to switch deals, and you will be faced with an early repayment charge. So, make sure it makes financial sense to remortgage your home before diving in.
  • Is there enough equity in my home? As you know, banks won’t lend you the full amount for a home and require a deposit before approving your application. Your loan to value ratio is important, and most banks won’t approve a loan with an LTV above 90%. You should also be mindful of the fact that, as your LTV rises, so do your mortgage rate.

An alternative to borrowing more money on your mortgage

If you don’t want to borrow more money on your mortgage, a home improvement loan is a viable alternative. It’s a type of unsecured personal loan, and if you’re looking to borrow less than £20,000 to fund your project, it’s a great option to think about. Although personal loans come with higher interest rates than mortgages, the fact that they’re repaid over a shorter period of time often makes them a cheaper form of credit. Also, personal loan fees are often non-existent or extremely low. Another good thing about personal loans is that they’re unsecured, meaning your home won’t be at risk. The biggest drawback of personal loans is that they’re normally capped at around the £20,000 mark, meaning they won’t be ideal for all home improvement projects.

If you’re looking to borrow money to fund a home improvement project, get started with Koyo Loans’ loan calculator to work out how much you can borrow today.

Top 5 Tips for Doctors Reviewing a Job Offer Contract

Contracts are legal-speak; they are sometimes hard to understand. As such, some doctors may hire a physician contract lawyer just so they guarantee that the contract is favorable.

You can do the same, but we have some advice for you. Today, we will show you several tips n how to review a job offer contract.   

1. Compensation

The first thing you must review is the compensation. There must be a part of the document that says how much you will earn. The compensation part is what you need to know because it can help you in managing your personal finance.


The compensation part of the document must: 

  • Tell you how much you earn
  • Indicate how often you will get paid
  • Show the amount in figures and what currency

If the compensation package is different from what you have been told during the interview, feel free to ask the company representatives to change it. 

2. Obligation

Review the part of your contract that stipulates your job. Are you signing for a night shift? Is it a 12-hour job?

Many hospitals do not put details around this area because as a physician, you are expected to be on call. If there is anything you want to clarify, do it now before signing. What really matters is that you understand what is expected of you.  

3. Benefits

Benefits refer to your sick leaves, vacation leaves, and other benefits that you can get as an employee. Most of these are already mandated by the law.

Some companies may give you stock options, profit sharing, etc. Take note of whether or not these benefits fall within your legal rights or if they are privileges. As a physician and employee, there surely are benefits mandated by the government that your employer cannot skip. 

4. Insurance

Doctors need insurance policies, too. This type of insurance does not have to be life insurance but rather something that will protect you from lawsuits.

If there is no insurance in your compensation package, you might as well ask for it. Hospitals must offer you general liability insurance, along with disability insurance policies.

Sadly, if the hospital’s stance on this is that you must pay for this insurance out of your pocket, then you really have no choice.

5. Security

The last thing you must look for is the security of tenure. Does the hospital employ at will? Do you have to go through a probation period?

Sometimes, this policy is not in the contract but in the company handbook. What matters, really, is that the contract must stipulate that you are a full-time or regular employee, not a contractual worker who will only work there for a  few months.  


Be patient when reviewing a job offer. It is an exciting time in our life, but then you need to guarantee that you are entering a contract that is favorable to you.

If there is anything about the contract that you do not understand, consult a contract lawyer, or ask the leaders of the company for some time to discuss your concerns.

A Guide to Sportsbook Promotions and Bonuses

Understanding Sportsbook Offers and Bonuses

Figure 1 There are plenty of bonuses to be had with online sportsbooks

We are more used to advising sensible and serious ways to deal with your personal finance issues here. But taking risks is a big part of investment as well – and there are plenty of traders and dealers that have done well by taking those risks in the past.

But sports betting is a different story altogether. We wouldn’t say that this is the most intelligent way to look after your money. But, with the changes in gambling laws over the last few years thanks to the US Supreme Court’s 2018 decision, there is more chance to bet on sports legally than ever before. Newcomers may be interested in learning about the variety of betting bonuses available to customer account holders.

New Customer Bonus

Even if you have never even visited an online sportsbook you will not have escaped the barrage of gambling adverts and marketing in recent months. That is especially true if you live in a state that has already legalized sports betting. The biggest marketing push is always the new customer bonus.

The competition for business is so fierce between sportsbooks that you should be able to claim a good bonus just for signing up for a new customer account. This could be in the form of free bets or a deposit match of some nature. As with all sportsbook offers, you should always check the terms and conditions though.

Price Boosts

Once you have signed up for an account and exhausted any welcome bonus available, you should be able to still claim plenty of offers specifically aimed at existing customers. All good online sportsbooks will try to keep their account holders happy, so always check the promotions page on a regular basis.

One of the favorite bonuses on offer is a price boost. This is where the listed odds for a particular betting market are enhanced. That means that you get the chance of bringing in bigger winning returns from your bet. The higher the odds, the more money you win – so a price boost is always welcome.

Figure 2 Care should be taken as there are no magic money trees when it comes to betting

Bet Insurance

This kind of offer seems to work well for both customer account holder and sportsbook. It is sometimes referred to as a risk-free bet, as you don’t actually end up losing any money if your bet isn’t successful. You will be able to make your selection, knowing that your stake will be returned if it loses.

It should be noted that there are usually fairly strict terms and conditions attached to these bonuses. You will probably need to bet on a particular market and there may even be a maximum amount you can stake too. The other thing here is that the stake will be returned as a bet credit, not withdrawable cash.

Casino Promotions

A lot of sportsbooks in Europe also have an online casino section for their customers to play as well. This isn’t always the case with the US betting sites, as gambling laws can vary from state to state. But if there is the possibility to play casino games as well as bet on sports, you may get incentives to do so.

This is because most people who sign up for a sports betting site are not always that interested in online casinos. Getting them to play the games is obviously in the betting firm’s interest, so a casino bonus is a great way to entice them to that part of the site. Because of that, these bonuses can sometimes be very attractive.

Betting Advice

As with all these bonuses, there is, of course, no guarantee that you will win any money. Betting should really be seen as a fun pastime, not a serious investment opportunity.

Betting on sports can be very enjoyable though – and picking up some of these bonuses will really help with the experience. Just don’t abandon your serious financial plans in the meantime!

First Steps toward Online Trading

To start stocks trading online, you do not need much. A computer, Internet access, and a desire to invest, spend, and earn money are totally enough. Thousands of people are already trading online, and the share of transactions concluded through online trading is steadily growing.

Where to Start

Finding a broker, signing an agreement with them, and installation of a trading platform are the first steps in trading. Initial investments are generally small and usually consist of opening an account, broker’s fee, and the amount to start, which must be deposited, according to the shares prices in which you are interested.

Keep in mind that there will be some fees for transactions, blocking and unblocking shares or funds, and transferring them.

After the connection, you will see the process and will be able to place orders by yourself to sell and purchase the shares. The amount of small transactions is by and large high. Small investors often play actively because they do not risk losing as much as big traders can.

Trading begins in the morning. From its start, everyone can place orders and conclude transactions. There is the finishing time after which all orders are canceled.

Important Tips for a Beginner

Alas, not everything is so easy in communicating with the stock market online. For example, a broken connection between the exchange and the client’s trading terminal can play a cruel joke: the trader loses electricity and the Internet, and all transactions freeze. However, some companies provide the possibility of submitting an application in an alternative way if this is not possible through the trading terminal.

In addition, there may be a risk of a dishonest broker who will make adjustments to the order. In such a situation, the client is protected, first of all, by a brokerage service agreement, which provides for the broker’s liability for such violations. Besides, the trading terminal makes it possible to monitor and report to the client for all transactions on their account – who made them, from what IP addresses, when, and so on.

Moreover, each investor is sent a report on the transactions carried out by them, and at the end of the month, the broker signs an act with the client, which indicates all the transactions made.

Also, do not forget that there are still few transactions on the stock exchange (in comparison with the possible potential), and the difference between the purchase and sale prices can be significant, which eats up a significant share of the investor’s profit. In addition, the sensitivity of the market to small injections, when even a few millions can stir up or collapse stock indices, also plays a role, and not always in favor of investors.

That is why it is important to correctly assess the amount with which it is worth joining the game. There is no unequivocal opinion on the size of the investment deposit. Ideally, a trader should stock up on such an amount that gives a chance to not only reach zero but also make decent money.

Ways to Pay Off your Loans Quicker and Smarter

Loans can be a great asset for you, to invest in a meaningful element in your life. Whether you are planning to start up your small business or you want to pay your college fee or you are planning to invest in a car; loans are the best possible financial asset to look up to. 

However, paying them off becomes a trouble for many, especially if you are not good with finances. If you are investing in your business, understanding the cash flow forecast can help you evaluate your finances smartly. Likewise, if you are investing in a car or your college fee, you have to weigh out your needs and wants and manage them wisely to pay off your loan on time or maybe even quicker than required. 

How to Pay Off Your Loans Quicker?

Paying off your loans quicker can help you minimize the interest rates and get this worry off your shoulders quickly. There is no doubt about the fact that loans are one of the wisest solutions when a person is in dire need of financial help. However, the inability to make payments on time can turn things upside down real quick. 

Therefore, here are some simple management tips that can help you focus on smart financial planning and pay off your loans before time too. It is certainly possible; all you need is determination! 

1. Pay More than Required:

To begin with, pay more than your actual monthly payment each time. This reduces the time required to pay off the loan in the first place. For instance, if you are required to pay $200 or $250 each month, try paying up at least $300. If you can manage, pay a bit more. However, this will require a strict financial plan if you are not too good at saving up. 

The easiest and quickest way to do so is to cut down your costs from your other activities that aren’t necessary. Saving up on an extra $100 or $150 is not tough. It all comes down to how willing you are to pay off the loan. 

2. Change the Way you Spend:

A lot of people tend to spend more than they can actually afford as they are not focusing on saving up. Thus, altering your spending habits can be extremely helpful. For instance, if you have recently finished college and you have yet to pay off your student loan; the best possible idea is to live with your parents. This strategy will help you pay off the loan quickly as you won’t have to pay for the rent, food, and other basic day to day necessities. 

Thus, analyze your current financial situation and act accordingly. Categories your needs and wants specifically. If you focus properly, you will come to realize that there will be a good amount of money that you can save up easily, by altering some of your spending habits. Thus, sit down for a while and evaluate your budget, and plan accordingly.

3. Try a Part Time Job:

The world is full of opportunities nowadays as the world of freelance has made it easier for people to earn an extra chunk of money by sitting at home. There are endless possibilities. You can become a ghostwriter or you can work at a restaurant or cafe, depending upon what you are good at. Earning extra will help you pay extra and you will successfully pay off the loan quickly. If you have just started off your own business with a loan, you must have a side hustle to keep up with the business costs too. It can be extremely helpful. 

4. Refinance:

If interest rates have dropped, since the time that you took your loan; you can consider refinancing. This is one of the best ways to pay off your loan quicker. Also, if your credit score has improved with time, you can still opt to refinance. The lower interest rate makes it easier for you to shorten the time span of your loan and lower your monthly payments as well. Therefore, talk to your UnitedFinances lender, whether it is an individual or a bank, and discuss the option of refinancing. 

5. Make Extra Payment within a Month:

If you have started saving up more than usual, then paying more than once per month can also help you in paying off the loan quickly. You can try making bi-weekly payments. For instance, if you have a mortgage loan of say 30 years; and you start paying at least twice per month, you will be able to get done with it in 26 years. You easily reduce 4 years. Likewise, if the loan is smaller or has a short time span; you can easily get done with it before time by paying more than just once. 

6. Create a Financial Plan:

You must have a financial plan in order to pay off your loan on time. Without determining your spending and your savings, it will be extremely challenging to make your payments on time. It is recommended that you create a plan for yourself, before applying for the loan. Evaluate your income source and plan how you will be paying off the loan. Having a clear vision is extremely crucial to managing your loan smartly. 


If you are dedicated to paying off your loans early, without adding up to your payments, then these strategies are a sure-fire way to get the task done. Remember, you must follow a financial plan and a budget, to ensure timely payments. Keep an eye on where you spend and how much you spend to save up more. 

It definitely gets a bit boring but it is worth the pain as it will help you pay off the loan quickly. You can then keep your money and invest it in the right place to get the fruitful outcome that you deserve.