The problem with getting a decent airline job these days is that you really need to go through the 'integrated' route and get yourself on one of the cadet type schemes. Unfortunately that means spending £85k on a full time course and then a further £30k on a type rating. Even if you do get a job at the end, they'll pay you peanuts for your first year or two until your of any worth to them.
Going the 'modular' route will be cheaper but your odds of getting a job are probably one in several thousand. You might just be the lucky one and get a job flying right seat in a turboprop for a small regional airline but theyll still expect you to pay £15k to 20k for a type rating and your salary will be in the region of 20k per year.
There are of course other jobs in aviation, such as biz jets/corporate but its difficult to get into, very much a closed shop and not what you know but who you know. Anything else job wise in General aviation pays sod all and ironically requires some considerable experience i.e. air taxi work being the classic example.
The market may of course be entirely different in 5 to 6 years time but at the age of nearly 50 you've really got a massive battle on your hands. Even for the small turboprop jobs competition is fierce. I work for a small UK regional airline(turboprop) and my boss receives upwards of 60 to 70 CV's per day. Of that we probably only recruit 10 to 15 people per year.
The other major point I would mention, that no one else has, is that you need to obtain a Class 1 Medical. Best advice would be to do it as soon as possible before spending huge amounts of money on flying training. You will have to go to the CAA at Gatwick for a half day medical which will cost you several hundreds of pounds. It is however money well spent at an early stage.