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I'm thinking of doing this too. Only slightly cheaper than network contracts, but you do get Apple Care+ thrown in for free! I think that makes it worth it.
What I'm wondering is can you just do it the once... i.e. 'rent' the iPhone until you own it. I mean the idea is you keep upgrading every year, but do you have to?
Well it seems okay but when you start getting into the phones like the 7+ 256gb the figures quickly increase to £600 for the year. Then by the looks of it you trade it in for credit off your new phone. I personally buy them out right unlocked and have a separate sim only contract (sell the phones before getting the next), but this method might not be sustainable as I reckon there phones will surpass £1000 mark by the iphone 8.
I was gonna do it but ended up buying the phone. I think it's a pretty good deal in that you get a new phone every year if you want and get to keep it if you hold on for two. Certainly a better way of doing it then contacts.
Liked the idea in theory, but when I went in to get it they told me they couldn't do it because barclays (who back the finance scheme) didnt like me, so just bought it outright to show them who's boss