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Read here > https://www.lotro.com/en/Full-VIP-Chart
http://lotro-wiki.com/index.php/File:F2P-starting-Trait-panel.jpg
http://lotro-wiki.com/index.php/Free_to_Play
Pretty much this.
Entire game is F2P,. Though F2P imo is one heck of an unfun to me and dedicated grind for LotRO Points (LPs). Realistically you will need to buy the Quad Pack for $10 USD on sale and maybe a month of VIP as well. Mordor will be available for LP's when you need it.
Apart from a few pressies to himself later he's basically got to cap that way. So it is - or was, anyway - perfectly possible to be very nearly ftp if you are prepared to grind for points.
FWIW that pretty much sums up the F2P game model.
Evendim instances are still quite popular for levelling players and you can earn points in them of course so worth it.
Not only that, but if you follow the epic story, you'll spend a lot of time in Angmar anyway. Might as well get the area and get the deeds :-)
Its possible to keep creating a new character, completing a load of deeds in the first zone and then delete them so you can do it again.
This way you can earn infinite store points and get almost all of the game for free.
The only thing you can't get for free is the latest expansion because it hasn't been added to the store yet. It will be added eventually though.
There's a good guide in the community section here on Steam that explains how to earn store points by making new characters:
https://steamcommunity.com/sharedfiles/filedetails/?id=409373382
I do what that guide says about twice a week so it doesn't get too boring and then just play normally on my main character. The store points are filling up nicely.