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| Income Multiples The amount by which income, after deduction of other significant commitments can be multiplied to calculate the maximum possible loan. Independent Financial Adviser (IFA) Independent Financial Adviser - an adviser committed to offering products from the full range of financial products offered in the market place. Individual Voluntary Arrangement (IVA) This is an arrangement (usually monthly) made by a debtor (person in debt) to his/her creditors (person(s) money owed to) for a set period of time. This arrangement is monitored by the Supervisor of the IVA. Initial Interest Rate The rate of interest used to calculate the client’s initial monthly mortgage payment. Interest Only When only the interest payments on the loan are paid during the term of the mortgage. No payments are made to reduce the capital balance outstanding. |