It might be worth applying. Approval also depends on personal circumstances - earnings, potential earnings, profession, dependents etc
Do you have any other property or land that could be used as additional security?
Even if the paperwork adds up, make sure you work out your figures so you're not overstretching yourselves financially. When doing your figures factor in some funds for unforeseen future events which may arise e.g addition to family etc
Talk to a broker (or two) and see what they say?