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LTV calculation

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Apologies if this question has been asked before but I couldn't find an answer during the search.

Here's the scenario:
- Assume that I buy a property for £100,000 and take an 80% mortgage fixed for 3 years.
- 3 years down the line my property's market value goes up and it is valued at £200,000, for the purposes of this question let's assume that I didn't repay any of my mortgage so my equity is still £20,000 and I owe the bank £80,000

My question is: if I renegotiate my mortgage at this point, does it mean that my LTV is now 40%? (£80,000 borrowed divided by £200,000 equity).

Appreciate your help on this!

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