Hi Jmistry
If you're under 30 when you apply and have graduated since 2012, you should be eligible. There's no requirement that students go straight from UG to PG study (in fact, I suspect quite a few people will have been motivated to wait a year).
As you say though, we're all still awaiting confirmation of the details - possible that something could come out of the Conservative conference, but I'm not sure anything is billed.