Paragon Bank has appointed Louisa Sedgwick as managing director of its mortgages division “with immediate effect”.

She succeeds Richard Rowntree, who leaves the business after just under five years to “begin a new role within the financial services industry”.

Industry veteran Sedgwick, who joined Paragon last April, was the bank’s commercial director of mortgages, adding that she oversaw “the restructuring of its mortgages sales function and product offering, bolstering its focus on networks and clubs”.

Sedgwick has more than 30 years of experience in the industry, previously holding senior roles at Hampshire Trust Bank, Vida, Leeds Building Society and Bradford & Bingley.

She says: “We are entering an exciting phase of our development with the imminent launch of our new, bespoke mortgage origination platform, with further digitalisation programmes also in the roadmap.

“With the buy-to-let market increasingly driven by portfolio landlords, we are well-placed to benefit from market growth.”

Paragon Banking Group chief executive Nigel Terrington adds: “Her [Sedgwick’s] extensive experience and esteemed reputation in the mortgage sector, coupled with her dynamic leadership and strategic vision, make her the ideal candidate to steer Paragon towards our next stage of development and success.”

“Richard leaves with our thanks and gratitude.”

Rowntree first joined the BTL lender in January 2020 and has been a UK Finance mortgage board member for the last eight years.

The bank says that Russell Anderson, currently customer retention & partnerships director will become its commercial director, taking over Sedgwick’s current responsibilities.

Also, Lisa Steele, currently the head of mortgage underwriting, has been promoted to mortgage lending director.