Stephen Noakes, mortgages director at Lloyds Banking Group, will become the new chairman of the Council of Mortgage Lenders (CML) from the beginning of 2014.

He will succeed Nigel Terrington, chief executive of the Paragon Group of Companies, who has been chairman for the last year.

Noakes joined Lloyds Banking Group in 2007, when he was appointed marketing director for Cheltenham & Gloucester. He then took responsibility for mortgage business when Lloyds TSB merged with HBOS.

Noakes said: “I am looking forward to working closely with CML members and others, in what will be a crucial year as the industry seeks to ensure that continuing recovery delivers benefits to consumers and the wider economy. In stepping up to the post, I would also like to thank Nigel Terrington for his significant contribution over the last year.

“The industry’s prospects are encouraging, but there are significant challenges ahead. We will be working for a smooth transition to the new mortgage rules in April, and the smooth integration of the new European directive. We will also be seeking to ensure that Help to Buy delivers sustainable benefits, and that we have a longer-term strategy for moving out of the scheme in a way that does not disrupt the market.”

The two deputy chairmen will be Moray McDonald, interim managing director of products and marketing at the Royal Bank of Scotland and Andy Gray, managing director, mortgages, retail lending, for Barclays

Also from the beginning of January, the CML is introducing a new category of membership for third party mortgage administrators, a group of firms which, up to now, have been associates of the CML.