T-Mobile selling iPhone 5 upgrades from only £31 per month?

News has reached us that T-Mobile customers wanting to upgrade to the iPhone 5 will be asked to pay as little as £31 per month on a contract that includes 300m, 500 texts and 750MB data with a flexible booster.

Note that you will almost certainly be due an upgrade (as a T-Mobile customer and prospective 4G customer on EE) and will be asked to pay for the remainder of your contract if you aren’t plus you may be asked to sign for a new contract as well.

The offer is apparently available only in store via Carphone Warehouse stores. New customers will have to fork out an additional £150 upfront.

In comparison, the iPhone 5 offer with the lowest TCO is one from O2 which costs £874 over two years with the proviso that you pay £250 upfront. You get unlimited texts and minutes but no Wi-Fi and only 1GB of data.

Three also provides with an interesting albeit slightly more expensive contract (at £943) but one that offers unlimited tethering plus all you can eat data.

Check our updated list of iPhone 5 contracts in the UK (all 86 of them) and find which one suits you best.

You can win an iPhone 5 in our iPhone 5 competition by answering a simple question about what generation the Phone 5 is. Check ITProPortal live report on Apple’s announcement. Other than theiPhone 5, we saw new iPod devices but no cheaper version of the iPhone 4S, an iPad mini and potentially a 13in Macbook Pro with Retina Display.