Young launched Fleet in 2014 and over that time, the lender has advanced £3.33bn in mortgages across 15,141 accounts.
At the end of last year, Fleet had over £2bn in mortgages under management and grew its workforce to 109 employees. It was also acquired by Starling Bank in a £50m cash and share deal.
Young has worked in financial services for 45 years, holding roles at Black Horse and Abbey National.
He joined CHL Mortgages as sales and marketing director in 1997, before being made managing director in 2004.
Mike Lane will replace Young as the chief executive of Fleet, currently hold the role of chief operating officer at the lender. He has worked for Fleet since 2014 and was part of the senior management at CHL Mortgages.
Lane has over 30 years’ experience in the retail and financial sectors.
Young said: “All good things come to an end, and this seems the right time to announce my retirement and to hand over to Mike and the management team to build on what we’ve all achieved over the last seven or so years. It has been some journey.
“It will undoubtedly be business as usual at Fleet under Mike’s leadership and with, what I believe, is the best senior management team in the market. With the support of Starling behind us, the future looks incredibly bright.”
Young said due to Fleet’s acquisition by Starling, the lender was “embarking on its next phase”.
He added: “Phase one of developing Fleet was all about getting a new lender off the ground, establishing our credibility and building a business which could be trusted by our intermediary partners and their clients.
“I believe we’ve achieved that in spades, and our excellent performance in 2021 is testament to that, as is our start to this year. In my opinion, Fleet is everything we said it would be and I feel I’ve accomplished everything I set out to do when establishing Fleet back in 2014.”
He said: “Lending has been my working life for over 25 years and with Fleet in the safest of hands, I am looking forward to enjoying a long and happy retirement knowing full well this is a business which will go on to bigger and better things.”
Anne Boden, chief executive of Starling, added: “Bob founded Fleet with the aim of creating a business its employees could be ‘proud to work for’. He can be proud himself for achieving that goal and so much more.
“It has been a privilege to work with him and with Fleet for the last seven months and I would like to thank him for his service. Mike brings a wealth of experience and we look forward to working with him.”
