He is succeeding Moray McDonald of Royal Bank of Scotland who has been chairman of the CML during 2015.

Hill (pictured) said: “We are set for another big year in the mortgage industry. The Mortgage Credit Directive takes effect from the end of March; the Financial Conduct Authority is embarking on an examination of competition in the mortgage market; significant tax and likely regulatory changes are being introduced in the buy-to-let sector. And we are determined to keep up momentum on our collaborative approaches to improve retirement lending and mortgage cost transparency; these have great potential to benefit both consumers and lenders.

“Against this busy backdrop, we are also working through the ramifications of a potential merger with other trade bodies, as proposed by the Financial Trade Associations Review. This is a significant decision for the CML, on which our members will vote in the first quarter of 2016.

“As incoming chairman, my dual aims for the year are to ensure that any organisational change does not detract or distract from our normal focus on services and representation in the short term, and that any change is for the benefit of all CML members in the long term.

“I am grateful to Moray McDonald for steering the CML through this landscape so far, being mindful of the needs of members of all sizes, types and different business interests.”