Fat substitutes are prepared without a molecular distillation step by enzymatically or chemically interesterifying a fully hydrogenated vegetable oil rich in stearic acid (FHLCT) with a medium chain fatty acid triglyceride rich in caproic, caprylic and capric fatty acids (MCT) under conditions such that the amount of tristearin in the interesterified mixture is lower than 5% by weight. The interesterified mixture is bleached and deodorized, and may be used as a substitute for butterfat or vegetable butter, e.g., cocoa butter.