The Council of Mortgage Lenders in North Ireland has appointed its new chairman.

Brian McCormick, head of mortgages at First Trust Bank, replaces Derek Wilson of Ulster Bank who has held the position since April 2011.

McCormick has over 25 years experience in retail banking with First Trust Bank. For the past 12 years he has worked within the mortgage market in Northern Ireland and was appointed head of mortgages, First Trust Bank in August 2012.

He said: “I look forward to taking on the challenge as Chairman of CML Northern Ireland and would like to thank Derek for his good work since 2011.

“The market in Northern Ireland continues to face challenges but the rise in first-time buyers in 2012, together with the flow on effects of the Funding for Lending scheme and Help to Buy (mortgage guarantee) due in January next year, give grounds for optimism that the mortgage market in Northern Ireland is on the road to recovery.”