The 53-year-old Celebrity Big Brother winner confirmed her relationship with the 39-year-old party planner after her marriage to Tim Healy broke down.
Welch explained that she will tell all about the end of her marriage to Healy as well as her new relationship in a new book.
When asked if she thought Townley was "the one", she told Bella: "Yeah I do, definitely. But I'm so terrified of tempting fate.
"We have the same sense of humour. It's like having a gay best friend who I really fancy."
Townley said of the first time they met: "I found her very attractive. We met in a nightclub at one of my parties.
"At the end of last year we looked at being together."
Welch added that she would still have pursued Townley if he had a "murky" past.
"I'm not interested in men who haven't had a drink, haven't had a wild time," she explained. "But I'm not going to put myself in a position where I'm involved in a murky world."
Welch will release her autobiography Starting Over in September, which she is currently writing in between performances of Steel Magnolias.
She recently stated that she intends to quit Loose Women in order to spend more time with her family.