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I just don't want to make a stupid financial commitment
Who knows what will happen in the next 3-6 months, but as of today the big High Street lenders at the top of the best buy table are offering 3.9% for a 5 year fix up to 85% LTV. I can't see how that is a stupid financial commitment. If you take a 20+ year perspective it's still a fantastic rate.
I try and tell myself that even if the risk you were worried about doesn't materialise, it doesn't necessarily mean that it was a bad decision to avoid that risk.
If I were you I'd be snapping up a 5 year fix as soon as I was out of the ERC window (sometimes up to three months before the deal ends). The only thing that would give me pause is if I thought there was a reasonable change I would want to emigrate within 5 years. In my industry that's not so unlikely the way things are going in the UK.
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NickCJ
Overall affordability isn't an enormous problem - the flat is quite modest and the mortgage is small.
I just don't want to make a stupid financial commitment.