Mortgage v house valuation

NatalieD1

So we're currently living in the first house that we bought, so we're still very new to the whole housing market.
We were planning on selling and had a home report conducted on our property and it's come with a new, higher valuation. Because of everything that's going on we've decided not to sell, but my question is (even if it's a silly question) do we need to tell our mortgage provider of the new house valuation?
Thanks!

davidmcn

Why would you think you needed to tell them? I could maybe see the point if the value had plummeted, but in either case, no, a valuation is just a surveyor's opinion about the current value, it doesn't do or mean anything else.

TuppenceWorth

The answer is 'no'.
You're welcome

daivid

No, but with your new higher valuation you may want to look into re-mortgaging at a better rate. Have a look at the mortgages section of the main site.

timeism0ney

When you remortgage your LTV will be higher and the rate could be better as a result. Until you remortgage, there's no difference. 

LRmortgage

timeism0ney said:

When you remortgage your LTV will be higher and the rate could be better as a result. Until you remortgage, there's no difference. 

LTV will be lower not higher If the value has gone up and the mortgage amount remained the same or presumably has lowered on a repayment mortgage.