Provisional agreement/initial deposit

We are about to sign the provisional agreement to buy a flat. We will see the bank manager on Monday morning to apply for a mortgage, and in theory will sign the provisional agreement and deposit an initial 5% of the purchase price immediately afterwards. However, the bank told us that pre-approval of the loan will take about two weeks. We asked the agent if the provisional agreement would state that purchase is subject to obtaining financing and that the deposit would be refunded if our loan application was turned down. The answer was no. Does this mean that if we don't get a loan and are therefore unable to purchase the property we will automatically lose our deposit? Or is this not a danger until the formal agreement is signed? Please advise -- thanks in advance.