my house was built in 2000 and came with a potterton boiler, after a few years we kept getting the red flashing light you describe, press reset and it'd work for a while then trip out again. A bit of googling suggested a faulty circuit board. Not adverse to taking things apart I stripped the old one out and the board looked like it had been soldered by a 3 year old blind kid, it was shoddy.
Re-soldered all the dry joints and got another 3 years out of it. Bit the bullet and ordered another board from the Bay, which was a pukka potterton board for £100. The board had been redesigned and of better quality and to this day not had a problem.
Turns out Potterton boilers were reknowned for it, even made Watchdog!
could be the same for you?