After more than two and a half years of court proceedings the 35-year-old pled guilty to fraudulently obtaining £1,287,955 for two mortgages.
Dad-of-four Hughes claimed his wife Jacqueline, 37, made £160,000 from her business, McDonald Interiors - but divorce papers lodged by her in 2006 stated she was "financially dependent" on her husband.
At Glasgow Sheriff Court Hughes, from Kilmacolm, admitted lying on mortgage applications about his wife's income in January 2004 for one property in Bridge of Weir and in November 2006 for a second in Kilmacolm.
He also admitted two money laundering charges - for receiving £128,885 after selling the first property and spending £30,000 towards a Rolex watch.
Mrs Hughes' not guilty pleas were accepted.
Hughes will return to the dock next month to learn his fate