The blaze broke out on Lordship Lane yesterday (June 21) just after 2pm at the hostel.
One man was rescued from the first floor by firefighters using a ladder, a woman who was in the building was taken to hospital – where she later died.
A single roomed flat on the first floor was destroyed by the fire.
The fire was extinguished by 3.47pm.
The cause of the fire is under investigation.
A London Fire Brigade spokesperson said: “Control Officers took the call at 1406 and mobilised crews from Holloway, Edmonton and Tottenham fire stations to the scene. The fire was extinguished by 1547.”
A London Ambulance Service spokesperson said: “We were called on Saturday 21 June at 2.20pm to reports of an incident in Lordship Lane, N22.
“We sent resources including ambulance crews, an incident response officer and London’s air ambulance.
“We treated a woman at the scene before taking her to a London major trauma centre.”
