Lloyds mortgages director is new CML chairman

The Council of Mortgage Lenders has appointed Lloyds Banking Group mortgages director Stephen Noakes as its new chairman.

From the beginning of January Noakes will succeed Nigel Terrington, chief executive of the Paragon Group of Companies, who has been chairman for the last year.  

Noakes will be supported by two deputy chairmen – Royal Bank of Scotland interim managing director of products and marketing Moray McDonald and Barclays managing director for mortgages and retail lending Andy Gray.

Noakes has been at Lloyds since 2007 when he was appointed marketing director for Cheltenham & Gloucester.

He then took responsibility for mortgage business when Lloyds TSB merged with HBOS. Earlier in his career, he worked for the telecommunications company Vodafone, and in the food and banking sectors.  

Noakes says: “I am looking forward to working closely with CML members and others, in what will be a crucial year as the industry seeks to ensure that continuing recovery delivers benefits to consumers and the wider economy. 

“The industry’s prospects are encouraging, but there are significant challenges ahead. We will be working for a smooth transition to the new mortgage rules in April, and the smooth integration of the new European directive.

”We will be seeking to ensure that Help to Buy delivers sustainable benefits, and that we have a longer-term strategy for moving out of the scheme in a way that does not disrupt the market.”  

Also from the beginning of January, the CML is introducing a new category of membership for third party mortgage administrators, a group of firms which up to now have been associates of the CML. 

The CML says it wants to better reflect the composition and structure of the mortgage industry.