You can buy a 6" wood lathe, that sits on a benchtop, from about GBP150. That way, if you desire, you can turn household items as well. The cheap ones are usually more than enough for the hobbyist, and can do the small stuff too.
Remember to budget for turning chisels.
The Mantua would probably be a disappointment. It says you can turn things up to 900mm long, but turning a mast is not easy due to flexing on long thin pieces. I make masts and spars by hand, it is easier and quicker than it sounds.
I have a set of hobby mini-tools, and to be honest I have found them to be a bit of a waste of money.
If you have a specific budget, get some 'real' tools for the money. The dremel idea is a good one, but again I find I rarely use mine. The most useful tools I have bought are
#1 superstar product the Permagrit Tools (any of them), they also do a set small tools in a tool roll for around GBP 50. I have used these for furniture as well as models.
#2 Japanese hand saws. I love these, they cut very fine, very quickly and accurately. Prices from about GBP10-50 for different types and qualities.