You can take advantage if you're still in the middle of your contract

If you’ve ever looked at your phone contract with months still left to run and thought, “I’d really like a new phone,” EE has just given you a way to stop waiting.

The network has launched Early Phone Swap, a new perk that lets you swap your current handset for a new or refurbished phone during the final 12 months of your device plan — without having to pay off the remaining balance first.

Sharon Meadows, Managing Director, Marketing & Commercial, EE said: “We know our customers want the very best devices and the freedom to get the phone they really want. Early Phone Swap puts that power firmly in their hands, letting them swap their old phone and get something new every year, on the UK’s best network and at no extra cost.

“Whether you’re dealing with a cracked screen, a phone that’s past its best or you simply want to get your hands on the latest and greatest handsets, Early Phone Swap makes the whole process simple and straightforward for our Flex Pay customers.”

And if you trade-in your old phone and EE values it at more than the amount remaining on the device plan, you'll even get the difference paid into your bank account. So that ageing iPhone or Samsung sitting in your pocket could potentially help fund your next upgrade rather than becoming an expensive paperweight in a drawer.

Phones have become increasingly expensive, while manufacturers continue to launch new models every year. For many, that means choosing between a two-year or three-year contract and committing to monthly payments for the duration of the device plan.

A two-year deal will usually give you an earlier route to your next upgrade, while a three-year contract can make the monthly cost more manageable but leaves you tied to the same handset for longer.

Meanwhile, new phones continue to introduce updated cameras, faster processors, longer battery life and new Artificial Intelligence (AI) features, so being able to upgrade sooner means you can experience the latest technology without necessarily waiting for your existing contract to end.

EE's scheme is available on EE's Flex Pay plans, although there are some important catches.

Your device needs to have been bought from EE, be fully functional and worth at least £100, while your account must be up to date.

You'll also need to be in the final 12 months of an eligible 36-month device plan and pass EE's checks before you can make the swap.

However, it's worth noting that EE isn't the only mobile provider offering you a way to upgrade before your existing contract ends. O2's Switch Up lets you swap your handset every 11 months, with O2 paying off the remaining balance on your existing contract.

Three's Anytime Upgrade is even more flexible, allowing you to upgrade after 90 days. There is a catch, though. If you're still paying off your existing device, you'll need to continue covering that balance, even after taking out your new plan.

Vodafone also allows upgrades from month three through its flexible pay-monthly phone contract. But, like Three, customers with money left to pay on their current Device Plan will either need to clear the balance or continue paying it alongside their new device plan.