Terrington joined Paragon in 1987 and has been the firm’s chief executive since June 1995. He will replace outgoing chairman Martijn Van der Heijden of HSBC, who has held the position since August 2011.
A former deputy chairman at the trade body, Terrington said that he was delighted to be taking charge at a positive time for the industry.
“The mortgage industry is now slowly starting to emerge from its period of difficulty, despite the underlying economic conditions,” he said.
“One of my key objectives will be to ensure that we harness the expertise that exists within the industry to help build a successful and sustainable market of the future, and also to assure the wider market – and mortgage customers – that lenders really are open for business.
Terrington will be assisted by Stephen Noakes, commercial director for mortgages at Lloyds Banking Group, and Moray McDonald, head of mortgages at RBS and NatWest, as his two deputy chairmen.
“I would like to thank Martijn for his contribution to the CML as chairman and deputy chairman since 2009,” he added.
