No harm in submitting your application. You may get lucky. It's just the waiting period that will be a testing time. There were a couple of pilots with 220 odd hours who were invited to the interview. If I'm not mistaken, it doesn't matter whether you hold a MECIR or not. But you must have a CPL to get into the Advanced Entry Programme (32 weeks), or they will put you in the Cadet Pilot Programme (61 weeks).
Good luck anyway.