Does look a decent way to do it - Except it looks like it can only be set up in store - Perhaps that's for the initial buy in to the scheme.I pay £63 a month for the iPhone 13 Pro Max 256GB (down £3 pcm from last year) and you can swap for a new handset every year. Comes with Applecare+ cover.
It's slightly cheaper to buy outright and sell/trade the old handset but gone are the days where I'm comfortable dropping £1.2k on a phone outright.
How does it work if you start it a couple of months into the twelve month cycle?