Nino Athanasiou, sales director at Legal & General appointed representative Robert Sterling, submitted the application for a professional landlord this week.
He said: “Given the lack of mortgage products available to buy-to-let borrowers I was really pleased to see Precise Mortgages, a company that has a good management, joining the market.
"It’s allowed brokers to offer their clients a wider choice."
The loan application is for £273,750 on a 75% LTV and Athanasiou said: “It’s still at DIP stage but the customer would prefer a fixed rate.”
Broker reactions to the launch of Precise Mortgages has been generally good.
Athanasiou added: “The system was really easy to use and I got a positive decision in principle very quickly. My customer was very impressed.”
And he added that the buy-to-let market had been hit very badly due to the lack of lenders.
“I think this type of product will be attractive to a lot of new borrowers, particularly professional individuals and small professional landlords,” he said.
Alan Cleary, managing director of Precise Mortgages, said: “We’re pleased that we’ve got active demand for our products so early on.
"Brokers only found out we were launching on Monday last week so it’s great to see activity within days.”
Tony Ward, chief executive of lender Homefunding – currently not lending – said: “Fair play to Precise Mortgages for getting this off the ground.
"It’s a huge achievement and the buy-to-let market is a good one to be in.”
