Described by Vida as a 30-year veteran of the UK intermediary market, Tugwell lists director of intermediaries and an ex-director of the Intermediary Mortgage Lenders Association on his CV.

He joins Vida following a successful spell at specialist mortgage lender, Together.

At the same time, Vida has announced Sedgwick would be leaving the company at the end of March following her decision to take up a new role in the autumn.

Vida said it was looking to accelerate its growth plans with a series of significant product and service improvements over the next few months.

Anth Mooney, Vida CEO, said:  “I’m thrilled to announce that Richard will be joining us for the next phase of Vida’s journey.

“We are investing to improve our products, pricing and service levels to take advantage of the growing specialist market post-Covid and, having worked closely with Richard for over 20 years, I know that there is no-one better equipped to help us deliver our growth ambitions.

“I would like to take this opportunity to thank Louisa for her contribution to Vida. She has been an important part of the Vida story and we wish her well for the future.”

Tugwell added: “The specialist lending sector is an important and growing part of the wider mortgage market.

“Vida has ambitious plans for the future, and I am delighted to be coming on board for the next exciting stage in its journey. I look forward to working with Anth again and with Vida’s highly experienced leadership team and can’t wait to get involved.”