Firstly Neil, hold on to your money for the time being and I would suggest that you visit us at our observatory, Pex Hill, Cronton. Go to this website for a map:
http://www.liverpoolas.org/old_site/www.liv.ac.uk/_ggastro/images/MapPEX.jpgI would think that you could get hold of a 6 inch Newtonian reflector for your money and this would certainly show you a wealth of detail and should last you for a couple of years until you have cut your teeth.
What age group are you and what area do you live in? If you find it difficult to get to our informal wednesday meetings, 19:00 - 21:00, then we may be able to get you a lift there and back.
Get back to me and let me know more about your interest in astronomy and perhaps we can advise you further.
Best regards from Dave Galvin.
