Last week, the company confirmed he is no longer with the firm and has been replaced by Simon Read on an interim basis.

The firm said: “Simon Read has 20 years’ experience working in the financial services sector, which includes residential and commercial mortgage origination, intermediary development and the provision of direct to consumer mortgage advice.”

It added: “Mark has made a significant contribution to the development of Magellan Homeloans and everyone in the company would like to wish him every success for the future.”