Mortgage Brain has appointed Zahid Bilgrami as its new chief executive, who says the software firm is well-placed to deliver new “fintech solutions into the mortgage and adjacent markets”.

Bilgrami, the former head of financial information firm Defaqto, will take up his new post in April, replacing Mark Lofthouse who retires after 20 years the leading business.

Bromsgrove-based Mortgage Brain is jointly owned by Barclays, Lloyds Banking Group, Nationwide, NatWest, Santander and Virgin Money, and was founded in 1986.

Mortgage Brain says Bilgrami led Buckinghamshire-based Defaqto for 11 years, during which time he turned the business around.

It adds and both Defaqto’s brand and profits grew as Bilgrami refocused its products. Following the acquisition of Defaqto by financial advisors SimplyBiz in 2019, he led its integration with the Huddersfield-based parent group.

Previously, Bilgrami was a senior manager at Andersen’s business consulting unit, and before that at construction firm Balfour Beatty, he helped the board shape group strategy and managed acquisitions.

Mortgage Brain chairman Peter Hill says Bilgrami “brings a wealth of experience and knowledge to the business as a well-respected chief executive with a proven track record”.

Bilgrami adds: “I am delighted to take on the helm of Mortgage Brain from Mark’s stewardship. The business is well placed to provide new innovative fintech solutions into the mortgage and adjacent markets.”

Lofthouse says that under Bilgrami “the group will remain true to its core values and continue to lead the market through innovation and delivery”.