Mix the milk and water, yeast, and honey together in a glass measuring cup. Stir very gently. Let sit for 5 minutes. The yeast should get a little puffy.
Stir together the flours, flaxseed, and salt in a medium bowl.
Add the milk and yeast mixture and stir.
Stir with a wooden spoon or dough whisk until the dough starts to come together (use your hands if needed). You want to dough to hold a ball shape, but not be too dry. Since you don't have to knead the bread, a little sticky is okay. If it's a little dry, add up to an additional 1/4 cup water.
Let rise in a greased bowl, covered with a towel, for 5-6 hours.
Spray two loaf pans with nonstick spray, making sure to get the corners covered. Divide dough in half, fold and shape each half into a tube to fit into pan, and press down slightly to shape it to fit. Let rise, covered with a towel, for 1-2 hours or until the dough has about doubled in size.
Preheat oven to 450 F. Bake loaves for 30-35 minutes or until nicely brown and it sounds hollow when tapped. Remove from pans and let cool completely on a wire rack before cutting.
Once cooled and sliced, store in a zip top bag at room temperature for 3 days, or in the freezer for up to 3 months. Toast or thaw in the fridge to serve.