Bluestone Mortgages has announced that David Torpey will stand down from his position as managing director of Bluestone Mortgages at the end of the year.

Torpey has worked closely with the wider Bluestone Group for nearly 15 years and both parties say his departure “is on amicable terms”.

He will be heavily involved in appointing his successor over the coming months.

Bluenstone said that with specialist lenders increasingly looking at a full banking license as part of their future strategy, it is expected that the newly appointed managing director will give this strategy further consideration.

Peter McGuinness, CEO of Bluestone Group, said: “David has brought a huge amount of value to Bluestone, and we would like to thank him for the significant progress the company has made under his leadership.

“By recruiting a very strong executive team and broadening our funding, distribution and marketing relationships, David has laid the foundations for our next stage of growth here in the UK.”

Torpey added: “It has been an absolute pleasure to work at Bluestone and I’m proud to have been involved in its journey to becoming a well-established specialist lender in the UK.

“I’m excited to see what the future holds for the business and am confident that the team will grow from strength to strength and wish Bluestone every success for the future.”