Homeowners in Britain are paying thousands of pounds more than Europeans for new mortgages as interest rates soar, damning new analysis shows.
Labour has hit out at the "Tory mortgage penalty" and lashed out at the Government for failing to provide support for families struggling to keep their homes.
New figures produced by the party suggests that even before the latest hike, new mortgages cost a typical household over £2,000 more per year than in France.
And for a £200,000 loan paid back over 25 years, annual UK mortgage payments are around £1,100 higher than in Belgium and Ireland - and about £800 more than in Germany and the Netherlands.
It comes after Rishi Sunak was branded "out of touch" for telling householders the UK must "keep our nerve" with high inflation and rising interest rates.
Labour's shadow chief secretary to the Treasury Pat McFadden said: "These figures lay bare the cost of the Tory mortgage penalty.
"Yet again the Tory Government's refusal to step up and offer proper support is forcing families into a far worse financial situation than in neighbouring countries.
"The Government's failure to make the measures announced on Friday mandatory means around 2 million households could miss out on the mortgage support they need.
"The Conservative Government can't grip this problem because they are the problem. Their chaotic response to the devastating impact the Tory mortgage penalty is having shows they're completely out of touch with the situation families are facing.
"Labour's plan to ease the Tory mortgage penalty offers practical help now."
Labour analysis is based on Bank of England data which shows that effective interest rates on new mortgages in April were on average 4.46%.
European Central Bank figures show that equivalent interest rates were on average 2.91% in France, 3.61% in Belgium, and 3.89% in Germany.
Last week Chancellor Jeremy Hunt agreed measures with banks aimed at cooling the mortgage crisis, including giving people struggling with repayments a 12-month grace period before repossessions begin.
But Labour has criticised the voluntary nature of the measures, saying that around two million people could miss out on support because they are not mandatory.
Shadow communities secretary Lisa Nandy said: "There is no answer to this crisis without building more homes and that's why exactly what Labour will do.".
A Conservative Party spokesperson said: "High inflation is the cause of mortgage hikes - and that's why it's the Government's number one priority to halve it. And with central banks increasing interest rates around the world, the UK is not alone in the fight against inflation.
"We have acted quickly to support mortgage holders, protecting vulnerable families from repossession, protecting homeowner's credit scores when they seek support and ensuring lenders are supporting their customers individually - Labour should try to keep up."
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