For those who may be interested I have just set up my own 1TB personal cloud storage. How easy was it, almost to easy!
So I purchased a Western Digital 1TB My Book Live yesterday on Amazon for £99.99 which was delivered an hour ago. I plugged this into by BT HomeHub router with the supplied patch cable. I then loaded the supplied WD software on my MacBook Air and as soon as it was loaded it asked for a few details and found my new drive immediately.
I then spent about 15mins setting it up how I wanted it and upgrading it to the latest firmware. It then rebooted.
I then generated an access code for my iPad which was entered into the WD 2go Pro App (£1.99 from the App Store although there is a free version).
I now have complete access from both my iPad and my MacBook Air.
I'll now play around with it for a while but so far, really pleased with this and all for just a little over £100.