No is the answer to your question.! £500 won't be enough to do it correctly.
If you do try to make it for £500 then you'll only end up wasting money has it will mean buying Cheap sub standard components that give nothing but grief and won't last very long or under perform. It's false Economy and mistake often made by new people trying to do it on the cheap.

£1000 is a more realistic figure for any machine that will be worth doing and even then you'll need to be very savy with what you buy and do all the work your self.