Cheapest Apple iPhone 5 deal down to £31 per month

E2Save has cut the monthly price of a contract for the Apple iPhone 5 smartphone down to £31 per month. That’s a total cost of ownership of £744 over two years, which is only £215 more than the cost of a SIM-free version of the iPhone 5.

Interested parties should note that the handset as shipped by E2Save will automatically lock to the first SIM card used.

Although this is a refurbished offer, the iPhone 5 handset is likely to be just like a brand new one. The contract on offer is one that comes with unlimited texts, unlimited minutes and 1GB of data, which should be more than sufficient for most users; the SIM-only equivalent price is just under £9.

The smartphone comes with a new system-on-a-chip, the A6, a 4in 1,136 x 640 pixel display, an 8-megapixel camera, and up to eight hours of claimed 3G talk time.

There's also 4G connectivity, Apple's HD iSight camera, and the iPhone 5 boasts a thickness of just 7.6mm.

If you want to get a new iPhone 5, check out another offer from E2Save which costs £33 per month on Vodafone for a less attractive package with less minutes, texts and data. By way of comparison, you can get the Galaxy S3 for around £26 per month.

For more, you can check out our review of the iPhone 5 and see how it compares to the Google Nexus 4.