UK Finance has appointed Lloyd Cochrane of RBS as chair of its mortgages product and service board.
He will replace outgoing chair Richard Rowntree, who is UK mortgages director at Bank of Ireland UK, in January 2020.
Cochrane, who was previously one of the board’s two deputy chairs, is head of mortgages at RBS, where he is responsible for the mortgage business in the UK.
Sue Hayes, group managing director for retail finance at Aldermore Bank and Richard Fearon, chief executive officer at Leeds Building Society, will now sit as deputy chairs.
Jackie Bennett, director of mortgage policy, UK Finance, said: “Next year will be another busy period for the mortgage market, bringing a host of different opportunities and challenges.
“The mortgages product and service board’s key objective is to support customers to have a home they can afford and promote sustainable housing finance across the UK.
“Lloyd’s extensive experience of the mortgage industry will be invaluable and I am very grateful to Richard Rowntree, who Lloyd succeeds, for his contribution to the board.
“I would also like to thank the deputy chair, Steve Hughes, chief executive, Principality Building Society, for his hard work and commitment and look forward to welcoming Sue Hayes and Richard Fearon as deputy chairs.”
Cochrane has worked in the residential mortgage sector for 20 years.
Prior to his role at RBS, he worked for Virgin Money and was part of the turnaround team at Northern Rock where he was head of mortgages.
He added: “The mortgages product and service board plays an integral role in delivering positive outcomes for both customers and firms, while also shaping the housing and mortgage landscape.
“Competition in the mortgage market is strong, with steady growth in the past few months. We will continue to work closely with the government and regulators to ensure firms and customers’ needs are met.
“It has been a pleasure being deputy chair and I look forward to taking on the role of chair.”