asdhkd, no, you hear nothing until you get either the questions sent to you, or a rejection if you don't meet the minimum academic requirements.
Imran Hussain, I think it is safe to say money will be very tight for the first couple of years. I doubt the "new pay" will be very much different to the old pay, but I could be wrong. Find a tax calculator online and work out what the take home pay would be. Then take off the loan payments of about 1000 a month, and see what you're left with to live off!
I would say relocation is pretty normal, but with most airlines you will eventually have the chance to transfer to a base closer to home. With cityflyer, this will never happen. If relocating to Edinburgh is not something you really want to do, then I would wait for another scheme to come up with an airline with more bases. Most of them ask for 5 GCSE's at grade C or above and 3 A levels at C or above. Sometimes they specify certain subjects like maths, english and science.