More costly Father Ted given modern look (7)
I believe the answer is:
updated
'given modern look' is the definition.
(update can mean to modernise)
'more costly father ted' is the wordplay.
'more costly' becomes 'up' (as in prices that have gone up).
'father' becomes 'da' (da can mean dad).
'up'+'da'+'ted'='UPDATED'
(Other definitions for updated that I've seen before include "Dude apt to be made current" , "Modernised" , "Made something more modern" , "Brought to current status" , "Brought to current level of completeness" .)