Fl3wk,
This kind of decision depends entirely on what you want to do and how good the school/s you are looking at are - no one can really tell you what’s best for you, that’s a very personal decision.
Having said that -
First I think that before diving back into school, you ought to try to get some work experience, be it art related or not. I don’t know if you’ve worked before, but work experience will tell you very quickly what you do and do not want to do for the rest of your life. It will also tell you what your strengths and weaknesses are, and what you are and are not capable of. I think school will be a much more valuable experience for you if you work for a year or two first. Give yourself time to figure out your goals and priorities - apart from which, give yourself some time to grow as an artist and develop a portfolio without having to pay someone to help you do that. The forums offer a tremendous opportunity to develop your portfolio without shelling out a lot of money. I can’t recommend working before going back to school enough. This however is only my opinion. 
Also - a website (your own, not just a CGP) is going to be nearly mandatory for looking for jobs. Joel did a great job with mine, I’ll pimp him out a little here.
It’s never been easier to show your work to an employer - and many prefer/require that you have a website, they will not accept jpgs attached to an email.
Regarding degrees:
In the US at least “Fine Art” typically means conceptual art, which is fine so long as you want to have a degree that grants you zero actual skills.
There are however concentrations within MFA programs - for example, my MFA concentration is Digital Art. I don’t know if animation students in the UK receive an MFA or some other type of degree - that’s certainly something you’d need to investigate. What type of art are you interested in doing? I think that gaining some work experience first would better tell you what you actually want to do.
Here there is only one school that I know of with a Master’s degree in Illustration, School of Visual Art in New York. I don’t know about the UK. The main thing is to thoroughly investigate any school to which you apply. Don’t waste your money on a school that is going to teach you how to make a giant wall sculpture out of string. School is an investment in yourself - you want to get as much as possible out of it that will benefit your growth as an artist, but most importantly, your ability to be hired at the end.
Here an MFA (Masters of Fine Art) allows you to teach at the college / university level. An MA will not allow you to do so. It’s not to say that it is completely impossible to teach in the US at the college level without an MFA, but at many schools it would be very, very hard to do so. At least at my university, the only difference between an MA and an MFA is about 15 credits - for an MA there are 45 required credits, for an MFA, 60. I’m getting my MFA because I want to be able to teach at the college level.
Do you want to be an illustrator? I don’t know what the illustration market is like in the UK. Understand that being an illustrator likely means being freelance, for at least part of the time. Do you like working at home? Knowing whether or not you like to work alone or in a group (something you can only find out with some work experience) will determine whether or not you really want to freelance, be it in illustration or in any other kind of work.
My best advice is to also pick up some graphic design classes along with any further art training you decide to go after. Here at least there are about 90X the number of jobs for graphic designers than there are for illustrators.
You have to really love art to pursue it as a career - because in many cases it can take a while to become good and savvy enough to earn a living with only art.
Just some thoughts for consideration - I wish you the best of luck in your decision making process! 