I am a nurse, not a MW. But there are similarities in the training.
money side is covered here
It is very competitive to get on the course, more so for midwifery and it certainly used to be harder to get on the MW training than nursing. An access course is a very good idea and the coursework is genuinely a good preparation and gets you back into the studying frame of mind.
Some relevant experience will help you get accepted - maybe volunteering in childrens centre/Homestart, working as a health care assistant on Maternity or generally in hospital.
It is 50% practice and 50% theory. Theory is usually taught in 'normal' hours like 9-4 roughly. But for practice you will be working shifts, even while training. Lots of units work 12 hour shifts now.
Salary is pretty good once qualified, details here but you work hard for the money. And it can be very emotionally tiring. As a MW you can be in very challenging situations - the mum has been advised to do X but has chosen to do Y instead - you must still support her even if you think she is making an unwise choice, you ensure she is aware of the risks but you must still support her.
You can work in NHS or become an independent MW, self employed or in a small team.
I would think that childcare for the shiftwork will be the biggest challenge while training and working, once you can get on the course. Who will care for the children when you work nights, bank holidays, when you are delayed at work by someone who has become ill and needs transferring ITU or is about to deliver just before your shift ends.
I recently had to give up my nursing job because my flexible arrangement was ended and I cannot work random shifts due to childcare, because my OH works irregular shifts too. It is very hard at times.
Good luck with it, I will pop back in a bit if there are any bits I missed 