Of the 515 people surveyed, only 8% say they would not consider dealing with such banks for their mortgages. That’s those that have no high street branch and only deal online.

Indeed if an app were to exist that allowed users to buy a mortgage, more than two in five (41%) of millennials said they would be willing to use it. However nearly a third (31%) said they would be definitely unwilling to do so.

Three out of four of those not wanting to use an app said something as important as a mortgage should be explained face-to-face, while 21% cited the risk of fraud. Of those who said they would use an app, 59% said their their reasons for doing so would include the higher speeds available.

Meanwhile one in four millennials said they would be ‘happy’ or ‘very happy’ to take out a mortgage online using a robe-advice service and/or deal with an automated adviser that is based on artificial intelligence. One in three said they were against this, while 39% were neutral or did not know.

“Millennials are the most tech-savvy generation ever, said Joe Pepper, managing director at EDM MSS. “While our research shows many of them still prefer to negotiate something as important as a mortgage face to face, the fact remains that technology is an inherent part of their lives.

“The digital approach of the challenger banks will increasingly appeal to them going forward and traditional lenders will have to become more digital themselves if they are to compete with the challenger banks in the longer term.”