Remortgage - 5 year fixed or life BR+2.04%?

Hi,

I am currently remortgaging my property and I am hesitating between two products:

The first product is a 5 year fixed rate of 2.95% and a fee of £695 with Accord Mortgage

The second product is a LIFE rate of Base Rate + 2.04 with HSBC

Additional info: It is 60% LTV

I also wonder whether to take it over 15 year of 20 years, but that's a different matter.

Any advice?
Thanks