Also take a look at cyclo cross, september to feb. http://www.wmccl.co.uk/ Just turn up on the day an hour or so before your age groups start time and enter on the day. If you don't have british cycling membership (which gets you a provisional racing licence) you have to pay a few quid extra for a day licence but that's it.
Check out http://www.lvrc.org/ it is for riders 40 and over. Memberships is £12 and race entries are £6 cheap as chips as someone said. If you want advice training etc & live in the Woprcester area contact John Callaghan
You could try Time Trialing for a start, it is competitive in the sense that you will wish to better your previous times on particular courses and you can compete against peers who have similar ability. Club Time Trials are run on Tuesday evenings and there are 3 or 4 left to the end of the season in September, so it could give you a taster for a full on assault next season. Turn up on a Tuesday evening, the list of events is on the web-site and there are links to the course details showing where we meet. Next Tuesday is on the Severn Stoke course, meet on the road between Kinnersley and the top of Severn Stoke Bank to sign on for 6.45pm start. Try it and see if you like it.
I have no experience of road racing, but British Cycling web-site will have a "How to start road racing section" I'm sure. Other members of the club who participate in road racing may also be able to outline some of the basics.
Don't be reluctant to have a go, the club has a whole range of abilities from plodders like me to elite standard racers, but we all have something in common in that we enjoy it whatever standard we reach.
iam looking to try racing next season, iam 40 years old been riding for a few years but never had the guts to go for it. how much does a licence cost and what distance and type of races would be there for me locally?