SFH without Heat Causing Loan Issues

[Nicole Falvey]

Hi All! I'm attempting to buy a SFH investment property - it's been a summer home for the same family for 50+ years so does not have heat. My usual mortgage broker is telling me I only have 1 option in terms of a loan, in which I'd have to include the price of adding the heating source (aka the renovation) in the mortgage, and thus the loan rate increases significantly.

I'd much prefer to get a mortgage, and then use my own options like my state rebates or a HELOC (on my current home) to do these renovations. Anyone have experience like this or any mortgage brokers who can advise?