Colin Snowdon reveals why he left Aldermore

Colin Snowdon has revealed why he has quit as chief executive of Aldermore’s residential mortgage lending.

In a statement to Mortgage Strategy, Snowdon says it was his decision to leave the bank because he feels the way the mortgage business has now been restructured does not play to his strengths.

Aldermore announced today that it is restructuring its mortgage division with it headed up by Mark Stephens, deputy CEO at Aldermore.

Snowdon was recruited by Aldermore in November last year to develop and launch an intermediary mortgage business.

That task involved securing agreement to the business plan, recruiting a team, creating products and criteria, building an infrastructure and securing distribution as well as launching the business.

Snowdon says all of these objectives have now been successfully completed.

He says: “Aldermore launched into the residential market on May 24 and has quickly established itself as a credible player.

“Within six months the business has recruited more than 6,000 brokers and is now well positioned to expand further during 2011 and beyond with a high quality emerging portfolio and a robust new business pipeline.”

He says it now feels like time to move on and that starting a new mortgage businesses is something he enjoys hugely.

He adds: “It seems to me that the ongoing running of Aldermore’s residential mortgage business as a department inevitably fully integrated with the bank is something that doesn’t necessarily play to my strengths.

“Therefore I have amicably suggested to the bank and they have agreed that now is the time for me to move on and let someone else take on the day-to-day development of the mortgage division.

“In time, I may look to pursue other opportunities, but they would have to be interesting and serious.”

Snowdon says at present he has no current plans and it is too early to say what may come next.

He adds: “I would like to say a big thank you to the entire team at Aldermore Residential Mortgages, many of whom had worked with me previously. They are a great team and a great asset to the bank.”