Paragon Banking Group will be appointing Richard Rowntree as its new managing director of mortgages.

The appointment is subject to regulatory approval.

Rowntree (pictured) will be joining Paragon from Bank of Ireland where he is managing director of UK mortgages.

He will be taking over from John Heron when he retires early next year. He has previously held roles at RBS (Williams & Glyn), Santander, Lloyds TSB and Halifax.

He is also the chairman of UK Finance’s Mortgage Product Board.

Heron said: “A great deal of care has been taken over our search for the new head for our mortgage business and we have seen a number of exceptional candidates. I am delighted that Richard is joining Paragon; he has a great track record with experience at a senior level across a number of mortgage segments and is well known for his excellent work at UK Finance.

“Importantly, I think Richard’s values are very closely aligned with Paragon’s and I believe he is well equipped to take the business forward.”