(Pocket-lint) - OnePlus has been teasing its next device - the first in its Nord portfolio - over the past week or so and now it's ready to start confirming exactly what we can expect from the phone itself. 

Carl Pei, the company's co-founder, revealed a few of the key details in an interview with TechRadar, where he discusses why now is the right time for another mid-range phone and how much it will cost. 

The OnePlus Nord will feature the mid-range Snapdragon 765G processor, as has already been rumoured. This is the latest Qualcomm chipset in the 700 series range of smartphone processors and sits below the flagship Snapdragon 865. 

That's to say that - while it's not as powerful as the 865 - it should offer speedy and almost-flagship performance day-to-day. 

The phones we've used with that processor in so far have done well in testing, including the Realme X50 Pro and LG Velvet. With OnePlus' lightweight and fluid approach to software, we're optimistic that this will still be a snappy and responsive device. 

As well as that revelation, Pei stated that one of the other big focuses for this phone is the camera experience. OnePlus wanted to take a flagship camera and put it in a phone that's much more affordable. 

How much more affordable? Well, OnePlus has commented on social media - and within this interview - that the OnePlus Nord is going to cost less than $500 USD. Converting, that's roughly £400 or €450 in the UK and the Eurozone. That fits in with the £399 price we'd heard previously. 

As for what a "flagship cameras" means to OnePlus, we suspect that means using the same cameras that it used in the OnePlus 8 and OnePlus 8 Pro, but putting them in a cheaper phone. We can't confirm that, but it would seem the likely thing to happen. 

With the price, camera experience and almost-flagship speed in a 5G phone under $500, the OnePlus Nord is shaping up to be a very competitive device and one that might bring back some old fans who started buying OnePlus phones because they were much more affordable than they are right now. 

OnePlus Nord is going to be officially unveiled very soon, with a limited presale of 100 units already having been made available. 

Writing by Cam Bunton.