What if I go to a different university?

Since we have to apply for student finance by the 27th May, I put on my application that I will be studying Philosophy at Cambridge as that is my first choice and I used Cambridge for my term time address. But, given that I am taking my A2 exams in June, I don't know yet whether I will actually meet the grades for Cambridge. What happens if I end up going to my insurance choice or another uni through clearing? Do I not get the loan?

You can simply change the uni details on your online account

And that won't nullify my application or mean that I have to wait all over again?

Also, I can't see an option for editing my term tine address on my online account. Will this be automatically changed?

Nope, unless you change you a london uni then your application will remain the same, so not wait needed
That's strange it always let me change my address quite easily, worst case scenario they can easily sort it over for phone for you

It will let me change my address on the "my detail" page. However, on my application I said that my term time address would be my Cambridge College and this isn't listed on the my details page so I can't change it. I guess if I was going to a different university they would ask me for my term time address again?

Yes I think they would