Originally Posted by
Roddam
If you go F2p all of you characters will be locked, but you will be able to unlock 2 of them. If you have an additional slot that you purchased, you can unlock a 3rd. You will be able to choose.
Another thing to consider is that your inventory space and the amount of gold you can carry will drop. I would recommend putting any gold over the 10 F2P limit in a guild bank prior to changing to F2P. As for the inventory, you will still be able to access what is in the bottom half of your inventory, but the slots will be greyed out and you won't be able to put anything in them. Make sure you have the lower slots full to utilize them as long as possible.