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(Pocket-lint) - If you're looking to get your hands on the fastest iPhone 5 in the UK, then EE's LTE network is the way to do it. We already know the iPhone 5 is a fast phone, but just how much is it going to cost you to get that fast data too? 

If you've already bought your iPhone 5 from Orange or T-Mobile on a 3G contract, then you're in luck - you simply have to pick the contract that represents the amount of mobile data you're likely to use. You'll need a new SIM, but that's it, you can move into a new EE contract. 

EE has five different monthly data contracts: 500MB (£36), 1GB (£41), 3GB (£46), 5GB (£46) and 8GB (£56). Calls and messages are unlimited on all contracts, but all the contracts are for two years. 

The iPhone 5 is available in 16, 32 and 64GB models. If you're getting your handset from EE, the model you choose is reflected in the cost you'll have to pay up front. At the cheap end of the scale, the £36 contract, there's some £200 difference in upfront cost for the iPhone 5 - £179.99 for 16GB, £379.99 for 64GB.

As the cost of the contract increases, the initial outlay for the phone comes down. Once you're up at the £56 a month 8GB contract, the 16GB iPhone 5 will only cost you £19.99, the 64GB model £139.99. 

If you're looking for the cheapest iPhone 5 4G deal, then take the iPhone 5 16GB: the overall cost on the £36 per month contract for two years is £1,043.99, the cheapest contract deal EE offers, including the iPhone 5.

READ: iPhone 5 review

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What EE hasn't done yet, is made its SIM-only deals available. These launch on 9 November and come in at £15 a month cheaper than their contract deals, but you'd then have to front the cash for the handset itself. 

Pulling out the calculator, the same deal - iPhone 5 16GB on the 500MB contract - will cost you £1,033 over two years - only £10 cheaper if you buy the phone yourself and then go SIM only. The advantage, however, is that you aren't tied into that two-year contract, only 12 months (that would be £718 in that year). 

SIM-only ultimately gives you greater flexibility to upgrade your iPhone when a new model comes out and costs you £15 less in monthly payments, but you lose out on any subsidy that EE sets against the device. 

For example, take the 64GB iPhone 5 on an 8GB a month contract and over two years: you'll pay £200 more if you go SIM only. That's because EE offers you the phone for only £139.99 rather than £699, and the contract saving you make is only £360 over those two years. You do the maths.

It's worth remembering that the iPhone holds its value rather well, so if you do opt to buy it upfront and upgrade each year, the resale value may well bridge that gap.

New 4G contracts from EE will be available from 30 October 2012, SIM-only deal from 9 November 2012.

Writing by Chris Hall.