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(Pocket-lint) - Apple has announced a more affordable version of its 27-inch iMac with Retina 5K as well as dropping the price on its top-end model.

The new iMac will offer the same 5,120 x 2,880 resolution as the current model but will start at about £1,600. The top-end iMac, already out, now starts at almost £1,850.

The more affordable 27-inch iMac 5K will come with a 3.3GHz quad-core Intel Core i5 processor with Turbo Boost speeds up to 3.7GHz. It also comes with the AMD Radeon R9 M290 2GB graphics card. You'll get 8GB of RAM along with 1TB of hard drive storage on the basic model. It also comes with four USB 3.0 ports and two Thunderbolt 2 ports.

By comparison the top-end iMac 5K offers a 3.5GHz quad-core Intel Core i5 with Turbo Boost up to 3.9GHz, 8GB of RAM, AMD Radeon R9 M290X 2GB graphics and a 1TB Fusion Drive.

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Both models run the latest OS X Yosemite and come with Apple's usual compliment of software like GarageBand, iMovie, Photos and iWork.

Both iMac with Retina 5K models are available to buy now on the Apple Online Store. The site currently has the top end model in stock with a 1-day wait on the new unit.

READ: New 15-inch Apple MacBook Pro with Retina display (2015) gets Force Touch and spec boost

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Writing by Luke Edwards.