Cochrane is the head of mortgages at Royal Bank of Scotland, and will replace outgoing chair Richard Rowntree, UK mortgages director at Bank of Ireland, next month.
The mortgages product and service board brings together senior industry figures to discuss the big issues taking place in the market. Cochrane was previously one of the board’s two deputy chairs, and boasts more than 20 years of experience in the residential mortgage market.
Sue Hayes, group managing director for retail finance at Aldermore Bank, and Richard Fearon, chief executive officer at Leeds Building Society, will now sit as deputy chairs.
Jackie Bennett (pictured), director of mortgage policy at UK Finance, said: “Next year will be another busy period for the mortgage market, bringing a host of different opportunities and challenges. The mortgages product and service board’s key objective is to support customers to have a home they can afford and promote sustainable housing finance across the UK.”
Cochrane said the board will play an integral role in “delivering positive outcomes” for both customers and firms, and will also help shape the mortgage landscape.
He continued: “Competition in the mortgage market is strong, with steady growth in the past few months. We will continue to work closely with the government and regulators to ensure firms and customers’ needs are met.”