Hey, so i wanted to do some home recording of guitars and vocals, but something with professional quality.

I only have around £120 max, but i've seen quite a few out there that are supposed to be pretty good for between £80-£120. I will most be buying used if i can.

The two i was looking at are the Line 6 UX2 and the M-audio fast track pro.

I want something with atleast two mic inputs so i can use two at once for micing up acoustics and amps.

What does everyone recomend?

Also are there any good, free recording programs that don't have latency issues or anything like Audacity does?
I'm the opposite - I had a terrible time with an M-Audio Fasttrack - sold it and glad to be shed of it. I'd go with the Line 6 - they're nice. Also the DAW isn't the problem - latency can be from the soundcard, Ram, CPU, etc... use ASIO drivers and download ASIO4ALL - it helps with latency a lot but the Line 6 UX 2 will too. Download REAPER - free to use or you can buy it - get the downloadable manual too
Now running an Eleven Rack with Pro Tools 10.3.3 - it's amazing and I'm having ball with it - worth every penny. PT 10 is tops IMO and the Eleven Rack is a work of art!
See thats the thing, i was gonna get the UX2 before but my friend told me he heard the Fast Track was like the best for the price, but i've heard either completely amazing reviews about it, yet i've heard just as many awful ones. The UX on the other hand, i've not heard as many amazingly great ones yet i've not heard a single bad one.