You're asking all of the right questions.
To embark on pilot training will always be risky, and that risk comes down to personal circumstances. Embarking on an integrated scheme in the current climate is high risk, but we’ve been expecting the Eurozone to blow up for 12 months now and it hasn’t, so no one knows what will happen.
The massive advantage you have is that you’re 19 with a class 1 and your funding sorted. You don’t need to do anything quickly.
I agree that you should at least start on the PPL to fully road test that this is what you want to spend the rest of your life doing. An earlier poster has highlighted many that love the thought of flying but find the effort and reality somewhat different – it’s like anything you do for a living, the shine soon comes off when you’re doing it in a commercial environment .
Whilst talk of going into GA work is all very well, the vast majority really want to be RHS in an A320/B737 and CTC is more likely to get you there than untagged OAA/FTE or a modular scheme. Therefore saving £40k but taking another ten years to get into the RHS is no saving at all.
Ultimately, it comes down to whether you can afford to be in a position whereby if at the end of the course, you don’t get a job straight away, will your Dad’s house be on the line (i.e. is he dependent upon you paying him back)? If not, you can take a more risky approach.
Why not work for a year or two to save up some of the funds (you then realise how much money it really is!), make progress on a PPL, and then get lined up to do the course in 2 years time – armed with that bit more life experience, cash, commitment to flying and hopefully a better economic environment. In the meantime, you could have a crack at some of the tagged schemes, including potentially BA FPP.