Hill, CEO of Leeds Building Society, led the Council of Mortgage Lenders for two years during its merger with five other trade associations to form UK Finance.
The board brings together senior industry figures to discuss key issues facing the sector.
Sard is managing director of mortgages at Santander and his past roles include managing director of Santander for Intermediaries and CEO of Santander Insurance Services in the UK.
Stephen Jones, CEO of UK Finance, said: “Our Mortgages Product and Service Board has a packed agenda for this year, including the government’s housing strategy and the response to the Financial Conduct Authority’s Market Study. We are fortunate to have an industry figure as influential as Miguel at its helm. Miguel brings a wealth of experience to this role that will be crucial in helping us deliver for our members and their customers.”
He added: “I am grateful to Peter Hill, who Miguel succeeds, for his invaluable role in ensuring the mortgages agenda is at the heart of UK Finance’s activities. Peter will continue to serve as a board director of UK Finance.”
Miguel Sard, director of mortgages at Santander, said: “The UK Finance Mortgages Product and Service Board plays a key role for the industry. I am delighted to have been appointed as chair and look forward to working to support, define and deliver positive results for customers across the UK.”