Im not really sure if I am honest - i would have thought so though - tutors tend to appreciate that there isn't much money around and don't want good students to go to waste
sorry, rather long reply...
Thats exactly what i did - we were the first yr to do the MSci with Theory, then i did the MSc - in all honesty its total overkill, you could quite easily do the BSc and then the MSci and save yourself a year but doing both let's you get to grip with quantum field...
I did the MSc in Quantum Fields + Fundamental Forces a couple of years ago at Imperial - is this the masters your talking about?
Its actually a pretty good course, and altho the name suggests its a qft course it really isn't (well, it sort of is ... its not easy to get away from qft in theory...