Fixed, Variable, Long or Short Renewal? - Double Checking Before I Jump

Genex

My mortgage deal is coming to an end and I have options to take a new deal. With the state of the economy, I'm looking at a 5 year fixed at 2.59% and just wanted to check if there are any redfflags I should be aware of? Reading and researching, everyone is predicting the BoE base rate to go up over 2% in the next 12 months, so variable doesn't seem like the way to go.

I'm not a "financial" type, after a pump in rates like that do they crash after typically? Would a 2 year be better? (2.49%)

At the moment I'm on 1.99% fixed, but as I saw it's coming to an end. 

My work is flexible with no PAYE income (I always pay my bills on time) so I am unable to get a "new" mortgage or change lenders. My current provider gives me access to a  list of "no questions asked if you stay with us" deals. I just don't want to lock in to 5 years if typically the economy spikes then dumps way lower.

Any input would be greatly appreciated - and if you explain it like I'm 5, even better. 

Thanks