Gill will join on 2 March, subject to regulatory approval, and will lead the firm’s risk function.

Joining from the Pension Protection Fund, where he is currently director of investment risk, he has also held positions at Nationwide Building Society and Santander UK.

Arjan Verbeek, chief executive of Perenna, said: “We are looking forward to working with Russell, who shares our belief that there is a big gap in the UK mortgage market for long term flexible fixed rate mortgages.

“Russell’s unique risk management, actuarial and pensions background will be a real asset to the Perenna team and instrumental in helping us to manage risk, whilst delivering on our mission.”

Gill added: “I’m delighted to be joining Perenna at this point in their journey. I have long thought that people want to buy a home of their own, but the current mortgage system in the UK has unfortunately created barriers for many and pushes interest rate risk on customers.

“Perenna’s long term fixed rate mortgage will be ground-breaking for customers and its covered bond framework has novel benefits for risk management and broader society.

“I’m really looking forward to working with the growing team to build out its risk management capabilities and culture, playing my part in helping Perenna to deliver on its business plans.”