Founder and chief executive of Castle Trust Sean Oldfield is to step down from his role at the lender after seven years at the helm.

Subject to regulatory approval, Oldfield will be replaced as chief executive by Martin Bischoff, who was managing director of retail distribution at Santander for five years to 2017 and recently worked as an executive business adviser at Virgin Money.

Oldfield is the second senior figure to step down from Castle Trust this year, following the departure of mortgage division manager Matthew Wyles in February who left to join Hampshire Trust as chief executive.