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Snowdon leaves Aldermore after less than a year

Aldermore chief executive of residential mortgages Colin Snowdon has left the lender less than a year after joining.

Snowdon, who was previously chief executive of Wave, was recruited to launch Aldermore’s UK mortgage lending arm in January this year.

He says he is leaving now Aldermore is established in the market.

He says: “It feels like time to move on. Aldermore is my fourth successful launch. Planning and starting new mortgage businesses is something I enjoy hugely.

“It seems to me that the ongoing running of Aldermore’s residential mortgage business as a department, inevitably fully integrated within the bank, is something that does not necessarily play to my strengths.

“I amicably suggested to the bank, and they have agreed, that now is the time for me to move and let someone else take over the day-to-day development of the mortgage division.”

The bank has appointed former Connells group mortgage services director Charles Haresnape as its new managing director of residential mortgages.

Haresnape was previously responsible for intermediary mortgages at NatWest and Royal Bank of Scotland and for the branch mortgage sales force at NatWest.

Aldermore, which opened for business in May this year, has created a new mortgage division headed by deputy chief executive Mark Stephens.

John Charcol senior technical manager Ray Boulger says: “It is a surprise to me. They obviously hired him because of his expertise in the market. Aldermore seems to be making reasonable progress, although clearly it is constrained by funding.”

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