Do I really risk losing my mortgage agreement by applying to another lender?

[kittylitter7]

I'm self-employed and have just been agreed on a mortgage with Nationwide with no problems but my fee-free broker offers a lat minute rate check and has found a deal with Abbey National that will save me �500 over two years. I asked him to go for it but he says if I do there's no guarantee they'll agree my mortgage (which I understand) but the part I don't get is he says if they refuse me I cannot go back to my original offer with Nationwide, so I risk losing both mortgages.
Is this true?

[Ethel]

It could be - he will have to cancel the offer with Nationwide in order to accept the one with AN and if he needs to go back to Nationwide the original ooffer may no longer exist.

With yesterday's massive drop in the interest rate, I wouldn't rush in to a mortgage today - I'd wait a week and see what offers are available then

[LCDMAN]

I would also check if it really saves you �500 after lenders arrangement.set-up fees etc. (which may be better or worse than those for the Nationwide mortgage). As Ethel said, leave it a couple of weeks for things to settle down and you will almost certainly find much better deals than were available even a week ago.