In the context of gauge-gravity duality, consistent truncations have proved to be powerful solution-generating tools, their latest application being to the holographic description of condensed matter systems. In the talk, I will discuss a rich class of consistent truncations of type IIB supergravity on squashed Sasaki-Einstein manifolds, leading to N=4 or N=2 gauged supergravity in five dimensions. As examples of the several possible applications, I will present an approach to domain wall gradient flows, as well as a new class of AdS5 backgrounds on the T(1,1) coset, with a comment on some related Lifshitz solutions.