Is it even worth it to apply for MBAs if it's late in the application process?

I have been let go from my current job due to downsizing. I have often though about doing an MBA but this makes a great excuse (great timing, right?)

I would like to go to either Cass or to Cranfield. For Cranfield, I would have to apply for round 3 at the earliest (I still need to take the GMAT) and I wouldn't be eligible for the early round £2000 discount, but I have heard that those who apply for later rounds are less likely to get decent scholarship packages.

Cass is less transparent about deadlines. Is the next two months a reasonable time to apply to this school?

I think that depends on how strong a candidate you are and how well you do in the GMAT. Speak to them now, to fix yourself in their mind. If you are still on the payroll, take your time about mentioning that you have been let go. Say they they are your two top schools. Obviously:
- visit
- try to get an alumni recommendation

Then also consider your fall back options: Insead, HEC or EDHEC in January? Or a less good UK school in September?

Thanks so much for your advice. What other UK schools do you recommend that start in September?

Almost all UK schools start in September. Use the FT ranking to prioritise them.