UK Finance has appointed Richard Fearon to be the new chair of its mortgages products and services board.

Fearon, who is chief executive of the Leeds Building Society will replace Lloyd Cochrane, head of mortgages at RBS, who steps down after completing his two-year term. Fearon currently serves as a deputy chair on his board.

HSBC’s head of buying a home, Michelle Andrews and Aldemore Bank’s managing director Damian Thompson have both been appointed as deputy chairs. 

The UK Finance mortgages product and service board is one of UK Finance’s specialist forums which brings together senior industry figures to discuss key issues facing the mortgage sector.

Prior to working at Leeds BS, Fearon spent 10 years at Lloyds Banking Group in senior mortgage and savings roles.

UK Finance director of mortgages Charles Roe says: “Next year will be a busy time for the mortgage market as we deal with the continuing effects of the pandemic and new requirements to green Britain’s housing stock.”

Fearon says: “The Mortgages Product and Service Board plays a really important role in bringing lenders together to deliver good outcomes for customers and representing UK Finance’s members in shaping the housing and mortgage market.

“As a group of lenders we can show leadership in our work with the government and regulators on industry priorities, including decarbonising the UK’s housing stock and encouraging innovation to bring home ownership within reach of more people.”