The charter, which was inspired by the Women in Finance charter that aims to improve gender diversity in organisations, was created by Harry Matovu QC, barrister at Brick Court Chambers and founder and chief executive of Powerful Media Michael Eboda.

As a signatory, firms commit to have one member of its senior executive team who is responsible and accountable for black representation, inclusion, recruitment, career progression and opportunity.

It must also create an action plan to improve black representation and inclusion, recruitment and career progression, setting internal targets within five years to improve black representation, publish annual reports of steps taken to identify, develop and promote black talent as well as progress against baseline data.

The responsible senior executive’s performance appraisals should also specifically include an “assessment of progress” against internal target delivery.

TSB has consequently introduced a representation target of three per cent for employees with black and black mixed heritage by 2025.

It added that it wanted to increase its BAME (black, Asian and minority ethnic) representation to 14 per cent by 2025. The bank added that amongst the bank’s senior leadership, BAME leadership would rise from seven per cent to 10 per cent.

A TSB spokesperson said: “We recognise within our BAME representation, black colleague representation does not reflect the UK population and we have taken measures to address this overall and for our senior leader black representation.

“Joining the Black Talent Charter closely aligns with our approach and reflects our commitment to achieve our ethnicity goals and specifically address the underrepresentation of black colleagues and senior leaders across TSB.”

Its plans to “attract, develop and train diverse individuals” by including a mentoring framework, reverse mentoring and targeted development initiatives to support internal progression. There will also be a TSB manager programme to create inclusive leaders and a workplace adjustment passport to provide best practice for supporting those with a disability or those recovering from illness.

The new products will be available from tomorrow.

They include purchase fixed rates between 75 and 90 per cent LTV, which come with a £495 fee and £500 cashback.

The lender has also brought out 85 per cent LTV remortgage fixed rates, which come with a £1,295 fee, free valuation and free legals.

There is also a five-year fixed rate BTL deal at 75 per cent LTV and select product rates would increase.

It added that from 8pm today all 80 per cent LTV fixed rates would be withdrawn

This includes certain products between 65 and 90 per cent LTV, which will go up by 0.23 per cent. Rates begin from 2.23 per cent.

Selected BTL fixed rates between 60 and 75 per cent LTV will rise by 0.15 per cent. Rates start from two per cent.

TSB ups select rates and withdraws products

TSB has increased certain rates by 0.25 per cent, upped its variable rates and withdrawn select products.

In its BTL range, select five-year fixed rate house purchase and remortgage rates have gone up by 0.25 per cent.

Its five-year fixed rate for purchase and remortgage starts from 2.84 per cent and go up to 3.54 per cent.

In its residential range, the lender has increased select five-year fixed rate first-time buyer and house purchase products between 75 and 90 per cent LTV by 0.1 per cent.

Rates between 75 and 80 per cent LTV start from 2.99 per cent and go up to 3.19 per cent at 85 and 90 per cent LTV.

Its five-year fixed rates for new-build first-time buyer and house purchase rates have gone up by 0.1 per cent.

Rates begins from 2.96 per cent at 80 and 85 per cent LTV, and at 85 to 90 per cent LTV the rate is 3.09 per cent.

The lender has also withdrawn its two-year fixed rate first-time buyer, purchase and remortgage products with £995 fee.

Platform ups SVR, reversionary rates and tracker products

Platform has increased its standard variable rate to 5.24 per cent and upped the reversionary rate for its buy-to-let products.

Its BTL reversionary rate up to 70 per cent loan to value (LTV) is 5.5 per cent and is six per cent up to 75 per cent LTV. This applies to new business and product switch ranges.

In its product switch range, its two-year tracker mainstream products have increased by 0.25 per cent.

The changes come into effect from today.

Its two-year fixed rate first-time buyer, purchase and remortgage rates have gone up by 0.4 per cent, with rates starting from 2.59 per cent and going up to 3.54 per cent depending on the loan to value (LTV) band.

Its three-year fixed rate for first-time buyer, house purchase and remortgage, which come with a two-year early repayment charge, has risen by 0.4 per cent. Rates begin from 2.89 per cent and go up to 3.34 per cent at the highest LTV.

The lender’s five-year fixed rate in the same range has increased by 0.3 per cent and starts from 2.79 per cent and goes up to 3.29 per cent depending on LTV.

Its five-year fixed rate for new build first-time buyer and house purchase has also gone up by 0.3 per cent, ranging from 2.84 per cent to 2.99 per cent.

TSB’s 10-year fixed rate, also for first-time buyer, house purchase and remortgage, has risen by 0.5 per cent. Rates range from 2.84 per cent to 2.99 per cent.

The largest increase has been made to the 2.5-year fixed rate Help to Buy mortgage at 75 per cent loan to value (LTV) with a £999 fee, which has risen from 2.24 per cent to 2.79 per cent. 

Other Help to Buy deals at the same lending tier fixed for two and five years have also gone up by 0.50 per cent. 

Purchase mortgage rates for residential borrowers have increased by as much as 45 bps between 60 and 95 per cent LTV, both for deals with no fees and fees of £999. At 60 per cent LTV, a two-year fixed rate with a £999 fee has gone up by 0.40 per cent to 2.54 per cent while at 95 per cent LTV, a fee-free five-year fixed rate has increased by the same amount to 3.39 per cent. 

Two and five-year fixed rate purchase and remortgage products for buy-to-let borrowers at 60 and 75 per cent LTV have risen by as much as 0.45 per cent. 

For product transfer, all fixed rates have increased by up to 0.45 per cent and two-year trackers have gone up by between 0.20 and 0.25 per cent. 

Other ranges to see rate increases include the bank’s mortgages for new build and large loan deals. 

Santander has also added fee-free products to its range for residential purchase, residential remortgage and buy-to-let remortgage only. 

TSB ups rates

TSB has increased rates by as much as 0.20 per cent. 

These changes apply to two-year fixed rate buy-to-let purchase, remortgage and product transfer deals up to 80 per cent LTV. 

For residential borrowers, product transfer rates have gone up by 0.15 per cent on two-year fixed rates up to 80 per cent LTV and on five-year fixed rates between 75 and 85 per cent LTV. 

The bank has also launched five-year fixed rate mortgage for first-time buyers, home movers and shared ownership borrowers purchasing new build homes requiring loans between 85 and 90 per cent LTV. 

The mortgages to see the largest rate hikes include a two-year fixed purchase product at 75 per cent loan to value (LTV) with a £999 fee and £250 cashback, and the five-year equivalent. These now have rates of 2.45 per cent and 2.49 per cent respectively. 

The comparable products at 60 per cent LTV have gone up by 0.40 per cent each to 2.4 and 2.44 per cent respectively. 

Borrowers getting a mortgage for Help to Buy will also see rates rise by 40 basis points (bps) at 60 per cent LTV and 45 bps at 75 per cent LTV. These apply to purchase and remortgage products. 

Buy-to-let mortgages have received lesser increases of up to 0.11 per cent. These changes have been made to two and five-year fixes, both for purchase and remortgage, at 60 and 75 per cent LTV. 

The most significant change has been made to the five-year fixed buy-to-let remortgage at 75 per cent LTV, which has gone up from 2.43 per cent to 2.54 per cent. 

Rates on green purchase and remortgage products for both residential and buy-to-let borrowers have gone up by as much as 43 bps for two and five-year fixes between 60 and 85 per cent LTV. 

For existing borrowers, rates have increased by up to 0.30 per cent. 

This includes two and five-year switcher products for residential and buy-to-let borrowers, between 60 and 90 per cent LTV. 

Mortgage brokers can submit mortgage illustrations and online applications until 10.30pm tonight. 

TSB raises reversion rates 

TSB has increased the reversion rate for residential borrowers to 4.24 per cent and to 5.09 per cent for buy-to-let customers. It said this change was in light of the base rate going up.

The bank has also relaunched two and five-year fixed products across shared ownership, purchase and remortgage ranges. 

These changes came into effect today. 

Across its residential range, TSB is reintroducing its five-year fixes within its new build, shared ownership, first-time buyer, and house purchase ranges. Rates start at 2.89 per cent for products up to 60 per cent loan to value (LTV) and go up to 3.14 per cent at 80-85 per cent LTV. The products are fee-free.

There is also a 70-75 per cent LTV product, with a rate of 2.54 per cent, and a fee-free option at 2.74 per cent.

The bank has also launched a 75-80 per cent LTV product with a 2.84 per cent rate and a £995 fee.

For buy-to-let, two and five-year fixes have been relaunched for purchase and remortgage up to 80 per cent LTV with no fee.

As for rate increases, buy-to-let two and five-year fixed purchase and remortgage products have risen by 0.35 per cent, up to 75 per cent LTV. These have a £995 fee.

For residential borrowers, purchase and remortgage products fixed for two or five years up to 80 per cent LTV with no fee have increased by up to 0.35 per cent.

Increases of up to 0.65 per cent have also been made to residential and buy-to-let product transfer deals.

Virgin Money

Virgin Money is making it’s own changes that come into effect at 8pm tonight.

The company is pulling its Freedom Fix tracker range and a purchase exclusive 80 per cent LTV two and five-year fixed rate is going up by 0.20 per cent.

It’s core offerings will see selected 65 to 85 per cent LTV two and three-year fixed rates go up by 0.16 per cent, while selected 65 to 75 per cent LTV five-year fixers will go up just 0.06 per cent.

Selected buy-to-let 75 per cent LTV fixed rates will go up 0.36 per cent.

This includes the two-year fixed product up to 60 per cent loan to value (LTV) priced at 1.89 per cent and the five-year fixed alternative which had a rate of 2.14 per cent. Both came with a £995 fee.

The two-year fixed BTL remortgages with free legals have also been removed, where pricing started from 1.89 per cent, as well as the five-year fixed alternatives where rates started from 2.14 per cent.

Additionally, the lender has removed two and five-year fixed rate remortgages with no free legals and £300 cashback. On the two-year fixes, prices started at 1.89 per cent, whilst five-year fixed rates began at 2.14 per cent.

The remaining products in its BTL purchase and remortgage range are fee-free two and five-year fixed rates, with pricing on its two-year fixes up to 60 per cent LTV starting at 2.29 per cent and five-year fixes beginning at 2.34 per cent.

There are also two-year tracker rates remaining with a £995 fee, with pricing starting from 2.09 per cent.

The lender has brought back two and five-year fixed first-time buyer, house purchase and remortgage products with £995 fees.

TSB has also reintroduced 10-year fixed first-time buyer, house purchase and remortgage deals up to 75 per cent loan to value (LTV).

Rates on its two and five-year fixed first-time buyer and house purchase products up to 90 per cent LTV have been increased by up to 0.30 per cent. Meanwhile, rates on its two-year fixed first-time buyer and house purchase products at 90 to 95 per cent LTV with no fee have increased by up to 0.10 per cent.

On two and five-year fixed remortgages up to 85 per cent LTV, rates have increased by 0.30 per cent and five-year fixed new-build first-time buyer and house purchase rates have increased by 0.20 per cent.

Coventry BS cuts rates

Coventry for intermediaries has reduced rates on selected owner-occupier mortgages by up to 66 basis points. The lender has also cut rates on its offset and interest-only products, by up to 14 and 16 basis points respectively.

Some of the changes include a reduction from 3.25 per cent to 2.85 per cent on Coventry’s two-year fixed first-time buyer mortgage with early repayment charges (ERCs) at 95 per cent LTV. This has no product fee and offers £500 cashback.

Its five-year fixed owner-occupier mortgage has been reduced from 2.09 per cent to 1.95 per cent. It is available at 65 per cent LTV and has a £999 product fee. It is available for purchase, remortgage, product transfer and further advance.

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “We’re delighted to make significant rate reductions to our owner-occupier mortgages, as well as our offset and interest-only ranges.

“It’s great news for brokers, who can now find even better options for a range of clients, at a time when home buyers and home movers are facing rising costs elsewhere.”

This includes its two and five-year fixed rate mortgages for first-time buyer, house purchase and remortgage with £995 product fees.

It would also be withdrawing its 10-year fixed first-time buyer, house purchase, shared ownership and remortgage products as well as its 10-year fixed buy-to-let house purchase and remortgage deals.

Changes apply from today.

Keystone launches seven-year fixed BTL product

Keystone Property Finance has launched two seven-year fixed rates as part of its standard buy-to-let range.

The lender now offers a 3.39 per cent product at 65 per cent loan to value (LTV) and a 3.49 per cent product at 75 per cent LTV, both of which are available on loans between £50,000 and £1m.

Keystone said it is also offering two seven-year fixes as part of its specialist range for houses of multiple occupation (HMOs) and multi-unit properties.

These include a 3.69 per cent product at 65 per cent LTV and a 3.79 per cent product at 75 per cent LTV, both of which are available on loans between £50,000 and £1m.

Borrowers who are already Keystone customers can choose from four seven-year fixed rates as part of the lender’s product transfer offering.

For standard properties, this includes a 3.39 per cent product at 65 per cent LTV and a 3.49 per cent product at 75 per cent LTV. For HMOs and multi-unit properties, there is a 3.69 per cent product at 65 per cent LTV and a 3.79 per cent  product at 75 per cent  LTV.

Elise Coole, managing director of Keystone Property Finance, said the lender had always prided itself on offering products that brokers and their landlords want.

She added: “In recent months, the topic that has been coming up time and time again when we speak with brokers is that landlords are increasingly after long-term fixed rates.

“It is completely understandable that landlords would want the long-term security that a seven-year fixed rate provides given that the Bank of England has increased interest rates twice since December. It looks increasingly likely that we will see further rate increases in 2022 if inflation continues to run well above the Bank of England’s two per cent target.”

Coole said: “That is something we hear is genuinely keeping some landlords up at night, hence our decision to launch our first ever range of seven-year fixed rates today. Also, as one of the few specialist lenders with a product transfer offering, it means that our existing borrowers who wish to stay with us get the same opportunity fix for the long-term.”

The lender had raised the maximum loan size on its FTB and house purchase residential product at 90 to 95 per cent LTV to £570,000.

TSB has also increased rates on its FTB and house purchase five-year-fixed rates at 60 to 95 per cent LTV by up to 0.25 per cent.

Rates on new build FTB and house purchase five-year fixed rates at 80 to 85 per cent LTV have risen by 0.25 per cent.

TSB’s remortgage five-year fixed rates at 85 to 90 per cent LTV have gone up by 0.35 per cent

New build shared equity FTB and house purchase five-year fixed rates up to 85 per cent LTV have risen by up to 0.50 per cent.

Shared equity FTB and house purchase two and five-year fixed rates have been increased by up to 0.50 per cent and its shared equity remortgage two and five-year fixed rates up to 75 per cent LTV rates have gone up by up to 0.40 per cent.

TSB has increased rates on its two and five-year fixed BTL house purchase and remortgage products up to 75 per cent LTV by up to 0.30 per cent.