Around 500 brokers have registered to do business with The Mortgage Lender during its first week of operation.
After securing long-term funding on 8 July, the new specialist lender officially launched the following Monday, with a proposition available exclusively through intermediaries.
Sales and marketing director Pete Thomson said the launch has exceeded expectations.
“There have been more than 2,300 visits to our website, we’ve had our first decisions in principle, completed applications and registered around 500 brokers on our system,” he stated.
“The reaction to the product range and pricing has also demonstrated that the work we did in advance of launch, researching the market and working with brokers to find out which segments of borrowers they felt were underserved, was time well spent.”
Products cater for prime borrowers currently being served by high street lenders, along with the self-employed and lending into retirement.
Mortgages are available up to 85 per cent loan-to-value, with a two-year tracker that starts at 2.18 per cent, or as a two or five-year fix, with rates from 2.41 per cent.
In the run-up to launch, The Mortgage Lender secured partnerships with networks Sesame and TenetLime, along with mortgage clubs Paradigm, Residential Home Loans, SimplyBiz, TMA, The 1010 Group and 3mc.
It also has tie-ins with specialist distributors All Types of Mortgages, Brightstar, Complete FS, Mortgage Force, Solent Mortgage Services, The Mortgage Trading Company and TFC Homeloans.
SimplyBiz Mortgages’ chief executive Martin Reynolds said the product range is clear and competitive. “They will offer more choice and will enhance competition in certain key underserved areas of criteria.”
Bob Hunt, chief executive officer of Paradigm Mortgages, added: “Similar lenders in this space are typically pricing at 1 per cent higher.”