Keep the braces and come back next year. They are highly unlikely to close the door after only one year - they would rather have a steady stream of recruits rather than one big pulse. Of course this goes wrong on a periodic cycle and results in a crunch, but we have only just had one of those. Even our manpower planners won't let things slip in only 2 years.... and there is no such thing as a hold pool or order of application; you won't be penalised for failing to apply at your earliest opportunity. Getting health issues (even minor ones) sorted is a very good reason to defer application.
Edited to add - nothing more than idle speculation here, but it seems reasonable to assume that there are 3 years' worth of pilot candidates out there waiting to apply for this first recruitment window in a while. Instinctively, that suggests that the acceptance standard will be particularly high this year (for the fixed number of places). That's not to say you wouldn't make the grade - but it might well be easier in a year or two once the bow-wave of "top-drawer" candidates have all found their way into the system, and you could then compete in a more "normal" field of applicants. That might have benefits a couple of years further on at role disposal, as well...
The key thing is you have age on your side and can afford to play these factors off against each other, a luxury not available to those exiting university. I would agree entirely with BV's points below, and note also that the sponsorship on offer is piffling and that the UAS flying training does not count towards EFT. Much as it pains me to say it as a graduate, but these days the 100% committed career pilot is best off joining with 3 good A-levels and getting the hell on with it, extenuating circumstances such as orthodontal work notwithstanding.
Last edited by Easy Street; 21st Mar 2014 at 14:47.