The combined loan-to-value (CLTV) ratio is the sum of all secured loans on a property divided by the property’s value. When more than one loan is used, lenders use the CLTV ratio to estimate a prospective home buyer’s risk of default. Lenders are generally prepared to lend at CLTV ratios of 80% or higher to borrowers with excellent credit. The CLTV differs from the simple loan-to-value (LTV) ratio in that the LTV only takes into account the first or principal mortgage.