Premsaran Patel and Smurti Amin were issued combined jail terms totalling almost six years, according to Wales Online.
Patel and Amin used fake payslips, P60s and other documents to claim they earned salaries of £40,000 and £70,000 respectively to build their property portfolio.
In fact, Amin was earning just £20,000 from her job at Hounslow Council.
Patel, 42 from Roath in Cardiff, was jailed for four-and-a-half years after being found guilty of fraud, perverting the course of justice, and three charges of obtaining a money transfer by deception.
Amin, 43 was given a 16-month sentence suspended for two years after obtaining a money transfer by deception and two convictions for converting criminal property.
She will have to undertake 200 hours of community work.
Aided by solicitor
The pair were supported by solicitor Stephen Oakley who was fined for failing to comply with money laundering regulations and not informing the bank of one fraud.
They started in 2003 using a property management firm as a front to support their mortgage applications.
In total they obtained £230,000 from Staffordshire Building Society, which is now part of Nationwide Building Society, £109,000 in capital from a remortgage with an unnamed lender, and in 2010 £210,000 from NatWest Bank.
The loan from NatWest was obtained based on fake leases from potential tenants of the property being purchased.
The £109,000 released capital which was used to purchase further properties for their portfolio.