Only 8% would not consider using online-only challenger banks, while 41% were undecided.
EDM MSS also asked respondents about their willingness to use mobile apps in mortgage applications.
Some 41% said they would be willing to use an app for this purpose, while 31% would not.
However, 61% thought it would be desirable if their mortgage lender provided an app.
Among those willing to use an app, the reasons for doing so was the higher speeds available (59%), used to using apps (50%), the ability to arrange a mortgage at any time (41%), better deals (37%), greater accuracy (15%) and the reduced risk of fraud (5%).
Joe Pepper, managing director at EDM MSS, commented: “Millennials are the most tech-savvy generation ever.
“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.”
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