iPhone won't turn on after water damage

On Friday, my phone got soaked whilst charging over night. When I woke up during the night and noticed my phone had got wet, I moved it away from the water, but the phone was unresponsive and for some reason I had left it on charge and went back to sleep until a few hours later when I re-woke up in the morning and put the phone in my airing cupboard.

It's now Monday afternoon and my phone has been in rice & the airing cupboard throughout the weekend but my phone is still unresponsive. I had tried to turn the phone on and charge it few times over the weekend also which I've now learnt isn't the best thing to do.

Is it likely I'm going to be able to bring the phone back to life?

What can I do?

Will it be expensive?

I'm hoping something as simple as a battery replacement will help, but I'm losing hope.

The phone doesn't particuarly have any memories as such I'd like to salvage but I've had this phone under a month and bought without any insurance.

Thanks for any help in advance!