UK Finance has announced the appointment of RBS’ Lloyd Cochrane as the new chair of its mortgages product and service board.

He will replace outgoing chair Richard Rowntree, UK mortgages director, Bank of Ireland UK, in January 2020.

The UK Finance Mortgages Product and Service Board is one of UK Finance’s nine specialist product and service boards which brings together senior industry figures to discuss key issues facing the sector.

Cochrane, who was previously one of the board’s two deputy chairs, is head of mortgages at RBS, where he is responsible for the mortgage business in the UK.

He has worked in the residential mortgage sector for 20 years and, prior to his role at RBS, he worked for Virgin Money and was part of the turnaround team at Northern Rock where he was head of mortgages.

Sue Hayes, group managing director for retail finance, Aldermore Bank and Richard Fearon, CEO, Leeds Building Society will now sit as deputy chairs.

Hayes has over 25 years of banking experience and held previous roles at Barclays, Santander UK, RBS and Halifax Bank of Scotland.

Fearon held previous roles at Oliver Wyman & Company and Lloyds Banking Group. He is also a member of the Business in the Community Yorkshire & Humber Advisory Board.

Jackie Bennett, director of mortgage policy at UK Finance, said: “Next year will be another busy period for the mortgage market, bringing a host of different opportunities and challenges. The Mortgages Product and Service Board’s key objective is to support customers to have a home they can afford and promote sustainable housing finance across the UK.

“Lloyd’s extensive experience of the mortgage industry will be invaluable and I am very grateful to Richard Rowntree, who Lloyd succeeds, for his contribution to the board. I would also like to thank the deputy chair, Steve Hughes, CEO, Principality Building Society, for his hard work and commitment and look forward to welcoming Sue Hayes and Richard Fearon as deputy chairs.”

Cochrane added: “The Mortgages Product and Service Board plays an integral role in delivering positive outcomes for both customers and firms, while also shaping the housing and mortgage landscape.

“Competition in the mortgage market is strong, with steady growth in the past few months. We will continue to work closely with the government and regulators to ensure firms and customers’ needs are met.

“It has been a pleasure being deputy chair and I look forward to taking on the role of chair.”