The ex-chairman of the Council of Mortgage Lenders had been with Nationwide since 2007.

Sean Oldfield, CEO of Castle Trust, said: “Equity loans offer huge untapped potential in the UK and Matthew’s energy, experience and focus will be invaluable in helping me drive the business forward.”

Matthew Wyles said: “I think the launch of Castle Trust is the first really interesting new development we’ve seen in the market for a long time. It’s significant that Castle Trust and its offering have been rigorously reviewed and approved by the FCA – a very positive signal that regulators appreciate the need for more real choice for customers.

“Castle Trust will only distribute via professional intermediaries and its products present a fascinating opportunity for brokers to create fresh and compelling solutions for their clients. I’m excited about helping Sean and the team build momentum behind this unique business.”