I found this post on another forum regarding the Amiga boot sequence:
https://www.lemonamiga.com/forum/viewtopic.php?t=13978
It states one of the steps is:
5. Change the screen to Black, screen stays
Black (or with
red Stripes) if CPU fault.
Which sounds like my issue - although mine only has one or two stripes. I'll check around the CPU then to rule that out. I'll also test with the CPU from my A500, but this CPU from this A500+ was previously tested in the A500 and I didn't notice this issue.
Or it could just be a socket or trace issue associated with the CPU, so I'll have to check those too.