If You Remortgage Does The Monthly Repayment Rise?

As I read this, you now are paying a mortgage amount on $63,000 and you want to get an additional equity loan for $20,000 (I am using $ instead of pounds).  This would mean you would be paying a mortgage amount on $83,000.  The interest rate is the determining factor here.  If you have not refinanced over the past years and taken advantage of lower interest rates then you might be surprised.  Your bank can do all the figuring for you and find you the best rate.  Certainly worth checking into.

I refinanced our home 3 times over the years.  When we started out we were paying $902/month and now we pay $413/month.

I would most surely talk with your banker as there are many different options available now.  Interest rates are down for good loan risks and with that much equity, your payment would probably be less.

You can refinance and take advantage of a lower interest rate.  You should consult a finance company and find out what your options are.  Be sure to ask about all your options and the consequences of them, good or bad.

It depends on what your new interest rate is, the amount financed and the repayment time