You can bake cakes with margarine such as stork although it will taste different but I wouldn't use it at all for making icing. Dont try and use any of the low fat butter substitutes such as Utter Butterly, Flora, Benecol for baking though.
These have a much higher water content than proper butter and you just wont get a proper bake from them
you should look to reduce the saturated fat levels in his diet rather than looking at the cholesterol levels in food (cholesterol levels in food have little or no effect on the levels in the blood - saturated fat causes more issues).
So, DH has just been told he needs to cut down on cholesterol. I love baking and obviously making lovely buttery cakes is no longer an option. Does anyone have any ideas on what sort of things I can bake that are low in cholesterol?