After birdies at the first three holes the 25 year old from Birkenhead, yet to record a top-five finish on The European Tour after earning his card at the 2007 Qualifying School, eagled the 514 yard fifth.
At five under par he was two in front of Spanish duo Gabriel Canizares and Sebi Garcia.
Ryder Cup Captain Colin Montgomerie, without a top ten finish since he was runner-up in the Open de France in June 2008, set off with six pars before his first birdie.
Behind Montgomerie were the winners of the last two tournaments on the Read Club course, but Dane Søren Kjeldsen three-putted the tenth and 12th and Dubliner Peter Lawrie pushed his opening drive into the trees and dropped a stroke there as well.
Waring bogeyed the short seventh, but a further birdie at the 545 yard ninth took him to the turn in a five under 31.
When Waring grabbed yet another birdie at the long 16th he was seven under, three clear of the chasing pack and needing two closing pars for a 65 that would be the lowest round of his European Tour career.
Montgomerie bounced back from his bogey with back-to-back birdies and when he converted an eight foot chance on the sixth, his 15th, he was up to three under.
The 46 year old had some happy memories of the course. He began the Open de Andalucia with a 67 to be in second place last season, but then failed to break par on the other three days and fell back to 31st.