Young (pictured) was not available for comment but speculation suggests the ex-CHL team are leaving to set up a new lender.
The statement, which was released by CHL’s parent company Permanent TSB Group Holdings, confirmed Young would step down in the coming months.
He will be replaced by Gerry Hickey who currently holds the position of risk and credit director.
The other four members to quit the company are; head of operations Keith Murrell, finance director Sunny Lo, Jannie Vermeulen head of credit risk and IT and administration director Mike Lane.
CHL stopped lending in 2008 and has been managing a closed book of over 40,000 buy-to-let customers since that time.
Young, who joined the lender in 1997, hinted last year that CHL had plans to develop its presence in the buy-to-let market sparking rumours that CHL would begin lending again.
To date, CHL has not launched back into the market.
