TSB has made changes to its criteria today, including a tightening of debt to income restrictions.

The lender will no longer accept mortgage applications from borrowers who have opened three or more financial product accounts, such as credit cards of personal loans, or whose unsecured commitment balances have increased by more than 20 per cent in the last three months alongside the borrower having total monthly unsecured commitments of more than 20 per cent of gross monthly income and whose total debt balance is more than 100 per cent of gross annual income.

TSB will also decline applicants who have been one month or more late with a mortgage payment greater than £100 in the last 12 months.

Other criteria changes comprise buy-to-let applicants no longer being allowed to borrow more than 20 per cent of the property’s value in order to pay off unsecured debt through additional borrowing.

Additionally, TSB has lowered the stress interest rate for like-for-like remortgages where the borrower has only one mortgage property to 4.60 per cent