Remortgaging an interest only mortgage shouldI stay with the current provider?

Garysilver

 Hi All,
Trying to be brief. Our incomes have dropped over the last couple of years for a number of reasons, we are employees of our own companies so pay ourselves a low salary and most of our income is dividends from our companies.
Our fixed term  2.29% is coming to an end in September. Our interest only mortgage provider is Santander and on the website it shows the deals we qualify for, they look reasonably good  (1.24 % 2 year fixed, 1.44% 5 year fixed)  but I'm wondering if I can do better elsewhere some are showing 1.09%. I don't want to go through the extra admin to find that since our incomes have dropped significantly recently no other mortgage provider would give us another interest only mortgage. We have around 55% equity in our property. Can anyone help , had recent experience? Our combined salaries and dividends are around £40,000 currently.

Thanks in advance

getmore4less

NO mention of the size of the mortgage or your repayment vehicle both quite important bit of information for an I/O mortgage

Thrugelmir

Far fewer options available for interest only mortgages these days. How much do you owe? 

Garysilver

£480,000 mortgage

 property value £1,000,000 
repayment vehicle: another property, currently rented. 

dimbo61

So income of £40,000 joint and mortgage debt of £480,000 or 12X income.
I think you don't stand a chance in hell of getting an IO mortgage with another lender unless the rental property is bring in £50,000 a year.
Santander IO mortgages allow 10% overpayment each year so switch to a new deal and overpay every month if you can