Labour has stepped up warnings over a “Tory mortgage bombshell” hitting households ahead of a meeting with major brokers after average two-year fixed rates hit a 15-year high.

Shadow chancellor Rachel Reeves and shadow housing secretary Lisa Nandy convened the meeting amid soaring mortgage rates.

It comes as a poll commissioned by the LibDems reveals that almost one in two mortgage borrowers are now worried about losing their home because of soaring bills.

The typical two-year fixed-rate residential mortgage on the market reached 6.66% on Tuesday.

Senior representatives from major mortgage brokers and financial advisers, including Mortgage Advice Bureau, Censeo Financial and Quilter, will meet Labour to discuss the impact of rising interest rates.

Read more: The rising cost of UK mortgage repayments explained

Ms Nandy said: “Across Britain, people are being hit hard by a Tory mortgage bombshell.

“Hundreds of thousands more households are at risk of being unable to afford a place to call home because the Prime Minister put appeasing his own MPs ahead of building the homes our country needs.

“While Rishi Sunak stands on the sidelines with his fingers in his ears, Labour has a plan to start fixing the housing crisis.”

She said Labour would make a package of support for struggling mortgage-holders mandatory rather than voluntary, would give greater rights to renters and “take the tough choices to get Britain building.”

A Conservative Party spokesman said: “The Labour Party have a £28 billion borrowing plan which would hike up inflation and cause interest rates, and people’s mortgages, to rise.

“We won’t take any lessons from Labour while they’re advocating this irresponsible and dangerous borrowing plan that would hurt millions.

“We have acted immediately to ensure lenders are supporting homeowners as we work on our priority to halve inflation which will have the biggest impact in reducing people’s mortgage payments.”

Read more: Chancellor's voluntary mortgages charter branded 'not good enough'

But the SNP's housing spokesperson, Chris Stephens, claimed that both Labour and the Conservatives “have trashed the UK's economy, leaving hard-working families right across these isles struggling to make it through the month”.

He added: "Housing is a basic fundamental right, but due to continued Westminster control, the likelihood of owning your own home is now nothing more than a distant dream for millions of people.

"It's high-time the UK Government take action on what is now a monumental housing crisis.

"No homeowner or renter should be at risk of losing their home or falling into debt through the fault of more Westminster economic mismanagement.”

Polling from Savanta, commissioned by the Liberal Democrats, shows 46% of adults with a mortgage said they were worried about losing their home because of unpaid bills in June.

A staggering six in ten mortgage borrowers are worried about having to cut down on food bills because of higher housing costs, while 45% were worried about having to borrow from a friend or family to cover a bill and 48% were worried about having to cancel a holiday.

Read more: Average two-year mortgage rates at 15-year high as lenders are quizzed by MPs

The Liberal Democrats are calling for a mortgage protection fund, which would offer targeted support of up to £300 a month to those families facing the steepest rise in mortgage costs and in danger of losing their homes.

The party said this would be based on past schemes and be fully paid for by reversing Conservative tax cuts to big banks.

LibDems leader Ed Davey said: “Millions of homeowners are worried sick about losing their home to soaring mortgage rates, all because of the chaos unleashed by this Conservative government.

“Rishi Sunak is refusing to lift a finger to help, instead treating homeowners like collateral damage.

“It’s clear we need targeted support to prevent families losing their homes through no fault of their own. There is a mortgage ticking time bomb about to go off and it cannot be ignored any longer.”

Mr Sunak has admitted inflation is “proving to be more persistent than people thought” but stressed this does not mean his course of action is “wrong”.

Speaking to broadcasters in Vilnius, Lithuania, where he is attending a Nato summit, the Prime Minister acknowledged “things are difficult for many families across the country” amid a rise in interest rates.

He said: “The UK is not alone in experiencing a rise in interest rates… the crucial thing that we have to do is bring inflation down.

“That’s how we’re going to ease the burden for families. That’s how we’re going to stop the rise in interest rates. And that’s why my priority is to halve inflation.

“Of course, that is proving to be more persistent than people thought, but that doesn’t mean the course of action is wrong. We’ve got to stick to it.”